Replies

As far as I understand there is one market for oil. The commodities exchanges. I don’t believe that OPEC as a cartel is able to price oil at price it desires. If that were so, oil would never have been allowed to droop to the $12.00 level in the mid 90s. In fact I believe OPEC to be completely ineffective as a cartel, for numerous reasons. One being most members cheat. Another being that with reserves in Canada and Russia, there is no possible way OPEC can control the price of its product.

However, I do agree that North America needs to tap into all its reserves. But I seem to remember the Terminator saying that the California offshore is hands off. If someone has a environmentalist fuel driven car in the works, that would be ideal.

I say that only because a friend of mine who's worked in the petroleum industry for years pointed out to me recently that Iraq isn't in opec, and they sell their oil at half the price of opec nations. If we stopped buying 2/3rds of the oil we buy from opec, and shifted that supply to domestic oil, it seems almost certain that prices at the pumps would drop. I don't know how it couldn't. That's one of the biggest reasons for drilling and using more domestic oil, and less foreign oil, because it would increase domestic supply and supply overall, and reduce the price of the oil.

California needs to be drilled offshore too. RINO Arnold has hundreds of millions so what's he care about the price of gas? It always makes me mad how all the people who are so against any kind of new domestic drilling, also are the loudest mouths griping about the price of gas at the pump. The people most calling attention to the problem are the same ones most responsible for causing the problem. AMAZING!