Replies

Totally 100% BS. A completely ignorant response driven by the authors political agenda that has no base in any factual reality. There is not one statement of fact in this whole article. The author merely states his emotion based opinions as if they were fact. Notice all his sources are anonymous? That is because no reputable person who actually has a professional background in these field would say such such ignorant crap.

Yes there is.

It a simple issue of supply and demand. When you constrict supply at the same time demand is growing you get a price spike

Except that inventories are up and demand is down.

"In the U.S. alone, stockpiles of oil climbed by 11.9 million barrels in the month preceding the Energy Information Agency's (EIA) May 7 inventory report [an 8-year high]; they were up by nearly 33 million barrels since Jan. 1. At the same time, MasterCard's (MA) May 7 gasoline report showed that gas demand has fallen by 5.8%, while the government suggested that gasoline consumption might have fallen by slightly over 6%."

"Inventories up by 33 million barrels in the U.S." Big deal, thats just a day and a half of consumption for the U.S. "Gas consumption down by 5.8% in the U.S." That still doesn't make any difference. Oil is a world commodity and world consumption is up. There is no short term solution. Long term drill like hell in Alaska and offshore in the lower 48. Build new refineries, nuke and coal powered power plants. Of cosrse we know thats not going to happen so get ready for $10 gas.