Keep regurgitating your pinhead talk radio talking point rhetoric, its is so obvious that you are so uninformed that reality is irrellevant to you.
Crude price right now has NOTHING to do with demand or supply.. its all about speculative bubble and has been for at least the last 3 years. Secondly, the price per bbl that the oil companies are paying for the oil out of their own fields is between 75 and 80 a bbl, they aren’t paying the 120ish futures price, but are pricing their product as though they were paying those prices.
Go get a clue, because you clearly don’t have one. Keep worshiping at the alter of the market, with it as the alpha and the omega.. don’t let reality and facts get in your way... you’re head just might have to explode when your dillusions are shattered.
“Crude price right now has NOTHING to do with demand or supply”
Price has everything to do with demand and supply. Demand from India and China isn’t helping, and the weak dollar makes all of our imports expensive.
Keep worshiping at the altar of socialism. You’re delusional if you believe the United States will retain its superior position in the world if we go Marxist at a time everyone is getting competitive. We will become irrelevant.
Gingrich once remarked that the lack of math and science education in America is our greatest security threat. I believe him — Americans cannot even master proper spelling. Some take pride in being “expelled.” *Flunked* is a better description.
It is GOOFY, even dillusional, to suggest that futures speculation by a few is the cause of spikes WORLD wide in crude oil prices. It is in the realm of TIN-FIOL hat conspiracy mind set.
Does it have some impact, of course. But it is NOT THE cause.
You VERY arrogantly assume your view as the Holy Grail, and assign those who offer a dose of reality as “pinheads” spouting talk show rhetoric...a real class act you are.
Additionally if is GOOFY, almost child-like, to assert that demand as NOTHING to do with crude oil supplies right now.
And just for the record concerning domestic crude being processed by evil BIG OIL, consider this:
U.S. crude oil production peaked in 1970 and has declined gradually since then. In 1970, domestic production of crude oil (including lease condensate2) averaged 9.64 million barrels per day (MMbbl/d). In 2006, total U.S. domestic crude oil production, including Federal offshore, averaged 5.102 MMbbl/d, a decrease of about 47% from 1970.
“Secondly, the price per bbl that the oil companies are paying for the oil out of their own fields is between 75 and 80 a bbl, they aren’t paying the 120ish futures price, but are pricing their product as though they were paying those prices.”
More than 65% of the crude processed by US refineries is imported. So to your point, should the pump price be less when considering that approx 35% of the refined product costs considerably less than current world crude barrel prices? Perhaps...on this item I see your point.