If you want lower gas prices and to quit feeding the enemy, please sign this petition;
http://www.americansolutions.com/
http://www.americansolutions.com/
That statement shows a complete lack of understanding of economics and the business principals and practices that surround the oil industry. Getting the oil out of the ground does not magically instantly affect the price of gas...expecially since most investing and trading of oil is done of the futures market. Harry, do everyone a favor and either drop your constant droning about needless oil drilling or at least do some real research before running off about it. After a while a person starts to sound like a broken record...or a big oil shill.Sooooo. The lesson is the the "it will take ten years to get a drop of oil out of ANWR or anywhere else" part of the reason drilling has been successfully opposed for decades. The facts point out how wrong this assumption is, if the way is cleared to get moving. We can mitigate prices in 2009 and later by drilling in the US. We will still be kissing camels in another ten years if we don't. Make your choice
Getting the oil out of the ground does not magically instantly affect the price of gas...expecially since most investing and trading of oil is done of the futures market.
droning about needless oil drilling
Oil prices resumed their upward trek Tuesday, rising sharply as investors focused once again on growing global demand for crude. Retail gasoline prices rose to a new record over $4.04 a gallon.
The catalyst for oil's latest advance was an International Energy Agency report that said global demand will continue to rise, especially in China. Demand for fuel for reconstruction work in the aftermath of May's earthquake will boost Chinese oil demand by 5.5 percent this year, the IEA said, a slightly higher forecast than in previous reports.
"A 5.5 percent increase in one of the largest consumers of oil in the world is a lot of barrels of oil," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
The Paris-based IEA said global demand for petroleum products such as gasoline, diesel and heating oil will grow by 0.9 percent, or 800,000 barrels a day, in 2008.
People love to quote studies that energy demands will increase by 30% over the next decade. They fail to include the fact that most studies, the ones not funded by the oil industry, state that alternative energy (wind, solar, water, hydrogen) should account for more and more of that energy need and oil should account for less and less of it.
Are you trying to say oil prices are following supply and demand?
Are you therefore saying that demand has either increased to 300% of what it was just two years ago or that supply has been cut by two thirds? Because that is what the price would reflect if the market was not being manipulated.
It also states that the IEA reduced it previous forecast. So why did oil prices go up on a decreased forcast???
Oil prices climbed, while sighting the original figures as part of the reason, and then when the original figures are decreased they rise again. Does that sound like supply and demand to you?
But price already adjusted to a higher price based on the first report. When the first report was found to be in error would that mean that the prices should adjust downward to the new lower forecast? Instead they climb once again.Holy mackeral, you just gotta be a Democrat! LOL. It was indeed, a decreased forecast, but it was still a forecast of INCREASED DEMAND! Higher demand = higher prices.
But price already adjusted to a higher price based on the first report. When the first report was found to be in error would that mean that the prices should adjust downward to the new lower forecast? Instead they climb once again.