Oil is fungible. Let the Chinese and Canadians do what they think is best. Let us do what we think is best. As long as oil is being pumped, the market will make it available to any buyer. Arab OPEC had to impose two failed oil embargoes on the US to learn this lesson of basic rational economics (not Keynesian).
Anyone who attempts to boycott oil from Hugo Chavez will also learn this lesson.
“Oil is fungible. Let the Chinese and Canadians do what they think is best. Let us do what we think is best. As long as oil is being pumped, the market will make it available to any buyer.”
Good to see someone on this thread who could pass a high school economics class.
High paying oil industry jobs are not fungible. Not with 9 percent going on twenty percent unemployment rates in the U.S.
So its a good thing a potential enemy is getting supplies from a long time friend?
REad an article about Obama helping expose Israel to attack with canning Bush’s missle defense in Europe, plus supporting the ouster of Mubarak, supporting the Palestiniann state, but not opposing Assad when attacking his civilians. Makes me think that Libya is just a diversionary tactic.
Then, in the midst of all this, he taps the oil reserve, ostensibly to reduce fuel prices after he has done every thing he can think of to raise them. Doesn’t make sense.
The author of the article I read thinks Israel will be attacked in September, after our strategic oil reserve has been run down. Not that Obama would come to Israel’s aid, but if we did, the Arabs would cut off our oil in a heartbeat, our production has been reduced. Sounds to me like preparation for an excuse not to help the Israelis and bring our defenses to its knees with lack of oil. Just thinking ahead. To me, it fits the circumstances. We will see.