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monty of ll · Aug 12, 2005, 01:55 pm

Sean- Good topic but I can't answer your questions. I can offer some of my own questions and comments in response though, which I feel are pertinent to this issue.

I believe that the U.S. is only capable of supplying less than 50% of it's oil consumption demands now. Anybody know for sure what the % is?

Are we supposed to believe that the price is reflected by supply and demand? Remember before the Gulf War when the price was pushed down to something like $14 a barrel for Iraqi oil in order to bankrupt Iraq? That should tell us all that oil is not a commodity that will be traded with any relationship to what it's worth. Opec sets the price and it goes from there so if Opec chooses to set the price at an articifically low price then the commodity won't be traded at over $66.

Anyone have any ideas what that's all about?

Oh, and I think that consumers 'are' phased by the high prices but they are powerless to do anything about it. Except of course those who drive the big gas guzzlers around and they aren't phased because they see the gas bill as quite insignificant. Actually, if one compares the price of gas to the 60's/cost of living, it's still not a bad deal. Cheaper than bottled water!

Aug 12, 2005, 01:55 pm	#2 (permalink) (top)
monty of ll Igneous Magma Posts: 169	Sean- Good topic but I can't answer your questions. I can offer some of my own questions and comments in response though, which I feel are pertinent to this issue. I believe that the U.S. is only capable of supplying less than 50% of it's oil consumption demands now. Anybody know for sure what the % is? Are we supposed to believe that the price is reflected by supply and demand? Remember before the Gulf War when the price was pushed down to something like $14 a barrel for Iraqi oil in order to bankrupt Iraq? That should tell us all that oil is not a commodity that will be traded with any relationship to what it's worth. Opec sets the price and it goes from there so if Opec chooses to set the price at an articifically low price then the commodity won't be traded at over $66. Anyone have any ideas what that's all about? Oh, and I think that consumers 'are' phased by the high prices but they are powerless to do anything about it. Except of course those who drive the big gas guzzlers around and they aren't phased because they see the gas bill as quite insignificant. Actually, if one compares the price of gas to the 60's/cost of living, it's still not a bad deal. Cheaper than bottled water! Last edited by monty of ll; Aug 12, 2005 at 01:59 pm.