exactly... there should be a law we have to use ONLY domestic oil till it runs out and that will be the time table for getting new energy sources on line.“Severin Borenstein, a Berkeley economist and the director of the University of California Energy Institute, contends that in order to push oil prices 30% above fair market value, speculators would have to hoard the equivalent of 2.5 million barrels a day.
“At that rate,” Borenstein writes in a new paper, “in less than a year this secret market manipulator would have built an inventory larger than the entire U.S. Strategic Petroleum Reserve.”
That secret (not really) market manipulator does exist in the form of OPEC. By withholding production at the wellhead they ensure supply will not be enough to bring down the price. Evidence of their power to manipulate the market is the recent news that Brazil will soon be joining their ranks. The only real answer is to break the cartel by securing other supplies not controlled by them (domestic drilling) or opting out of the oil based economy altogether. The second option is best but we’re nowhere near ready to replace oil so for the next 20-50 years we’re going to have to produce our own oil.
exactly... there should be a law we have to use ONLY domestic oil till it runs out and that will be the time table for getting new energy sources on line.