[Anonymous Rex]

“But a top executive from BP said the high prices are being driven by global forces.”

That’s a bald faced lie. The U.S. purchases and consumes over 50% of the world’s oil. As the largest consumer we control the market and it’s time for the oil execs to stop lying about that.

[Oldexpat]

We may control the consumption of oil, but we don’t control the supply. OPEC and a few dictators do..and you need to face those facts. The only solution is more domestic and foreign supply.
Brazil is hot right now because they got off their ass and drilled. Their stock is going up..and ours down.
Berating the oil company execs is not going to drive down the price of oil.

[AndyJackson]

The U.S. purchases and consumes over 50% of the world’s oil

North America as a whole is less than 1/3 of the world.

[RedEyeJack]

“The U.S. purchases and consumes over 50% of the world’s oil. As the largest consumer we control the market and it’s time for the oil execs to stop lying about that.”

Are you suggesting that we refuse to pay the current world market price? That Congress direct oil companies to do that?

The price will come down if we reduce demand either by conservation (55 mph speed limits again?) or by having a recession where our economy slows or retracts until there is less need for oil (which may happen whether we like it or not). Our attempt to finesse the market by devaluing the dollar is backfiring now and “inflating” oil prices (as well as food prices - see ethanol).

Obvious consensus here at FR is to increase supply from more “stable” sources (i.e., U.S. as in ANWAR) to limit market reaction to political instability (i.e., Venezuela, Iran, Iraq, Nigeria, etc.).

What our politicians are doing now is self destructive because all potential solutions require lead time and until we start things are just going to get worse.

[church16]

“That’s a bald faced lie. The U.S. purchases and consumes over 50% of the world’s oil. As the largest consumer we control the market and it’s time for the oil execs to stop lying about that.”

Actually we use about 23% of the world oil supply, with 5% of the world population. However, our economy is about 25% of the world GDP, so its actually about right four our consumption as we supply the world with products and services. Just adding a few facts to the argument....

[Enchante]

"The U.S. purchases and consumes over 50% of the world’s oil"

WRONG. It's more like 22-23% and we are not in control so long as demand is pushing close to the limits of current available supply. When the Demagogues and RINOs allow the USA to actually maximize our own oil production then we might have a basis for bashing companies and countries. Until then, we are in the preposterous position of having screaming Demagogues like Leahy bleating about pricing and supply while blocking off substantial areas of potential production offshore and in ANWR.

[Entrepreneur]

“But a top executive from BP said the high prices are being driven by global forces.”

That’s a bald faced lie. The U.S. purchases and consumes over 50% of the world’s oil. As the largest consumer we control the market and it’s time for the oil execs to stop lying about that.

Uh... maybe you should take 30 seconds to fact check your own statements. The U.S. consumes 25% of world oil.

Investor owned oil companies control 6% of reserves. Govenment owned oil companies control 94%. How are the private oil companies supposed to control prices?