Beam me to Planet Gore !
Posted on 03/08/2011 7:33:34 AM PST by James H. Shott
The turmoil in Libya that halted oil shipments from the country for a period has played havoc with oil prices, pushing them above $100 a barrel for the first time since September of 2008 and causing average gasoline prices to edge closer to $4 a gallon.
"Traders are concerned about potential loss of supply," Andy Lebow, oil analyst at MF Global in New York told the Wall Street Journal. "We can ill afford the loss of Libyan production."
The Middle East is less stable today than in many, many years, and this latest crisis adds yet another serious concern to our nation’s domestic hot list. With all of this uncertainty it is especially comforting to know that the White House is on the job. Press Secretary Jay Carney reassured the nation: "When there is unrest in the world, specifically in that region, that can affect oil prices. … We are closely monitoring that situation but I would not speculate on where oil prices could go."
The law of supply and demand doesn't come into play until someone tries to buy a barrel of oil and can't get it.
What I’m discussing here it the idiotic energy policy of Barack Obama.
“When political events drive the price of oil it’s not really supply-and-demand in action... it’s speculation driving the market.
The law of supply and demand doesn’t come into play until someone tries to buy a barrel of oil and can’t get it.”
Exactly! Make the traders take delivery of the oil on the contracts they have bought. That would take the craziness out of the market.
And drill baby drill!!!!
barak’s energy policy is no energy.
Post here.
It takes oil and gas to run the machines that harvest the crops, fertilize the soil, transport the crops to the stores, fly the crops to foreign destinations etc. An increase in oil and gas prices means a decrease in everyday spending which leads to a weaker Economy which leads to layoffs etc. It is a catch 22, for every action there is an opposite reaction somewhere down the line the increase in the cost of oil will have an impact on everyday people in more ways than one.
>>>>When political events drive the price of oil it’s not really supply-and-demand in action... it’s speculation driving the market.
>>What I’m discussing here it the idiotic energy policy of Barack Obama.
The two things are not separate. If BHO announced tomorrow that he was getting rid of Salazar at Interior and putting in a non-loon, getting rid of Jackson at EPA and putting in a non-loon, opening up Gulf drilling, opening up other coastal area for exploration and drilling, and opening up ANWR, it would kick the speculators and thereby the price of oil in the gonads immediately.
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