Quote:
Originally Posted by theholycow
Domestic drilling sounds good to me, but nobody's going to do it and sell for less than the going price. Basic economics, I think, says that 36% market share (and having the largest single chunk of market share) is more than enough to have a very strong influence on price. Certainly, when OPEC reduces production, we pay more for the oil we get from everyone. Speculative investors may have something to do with it too.
However, maybe we're just saving our reserves for when OPEC runs out. Then we'll be able to shove it in their face and say "Yeah, you're our bitch now! Bend over..." as we charge them way more than they ever charged us. :seesaw:
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well opec definitely is not producing as much as it could as it probably likes that the price is this high...
and speculators are just reacting to the supply out there which they see is behind a bit by demand...
and in these markets there is a 50% change in price when you are only 1% above or below demand i've read...don't know how accurate that is but if it is and we can flood the market with our supply i'm certain the price in the market will lower tremendously
sadly with dems controlling congress for probably a long time and even if mccain wins its hard to see us drilling
unless of course americans wake up and demand this to happen and either vote those opposed out or force them to do it by threatining to vote them out