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Old 28-07-08, 05:01 PM   #1
multi
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Default Republicans Vote Against Lower Oil and Gas Prices

and for Illegal Immigration and More American Troop Deaths

On Friday Republicans blocked a bill in the Senate meant to give regulators more ability to reign in oil speculation . While there's some dispute how much if any of the price of oil is based on speculation, there's reason to think it could be a lot. And current law means that a lot of oil futures trading is done in such a way that we don't even know how much is being done, let alone if it's having any effect. At this point the current law is effectively "we don't even look to see if a crime could be occurring."

more here..
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Old 29-07-08, 08:06 AM   #2
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Oil "speculation" is not the culprit. The fact is if things keep going the way they're going right now, future oil supplies will not meet demand and we'll face shortages that will make us wish we could go back to $120 a barrel. Oil traders know this so they're stocking up. It's called investment. When you predict something will be valuable in the future you buy it now while it's cheap so you can sell it after demand has driven up the price. "Speculation" is really insurance, a guarantee that when oil production falls short, oil stockpiles will make up the difference in supply and demand.

The environmentalist dogma that domestic oil production must cease in order to preserve nature has moved the oil markets to buy oil instead of selling it. Why? Because we won't stop using oil just because we've stopped producing it, we'll import it instead, and when a good portion of those imports are produced by OPEC we will be futilely unable to adapt to their unpredictable production rates. Oil prices will remain artificially high in order to prevent shortages from bringing the United States to a grinding halt. In that situation, oil trading regulation would be murderous. Without the ability to buy up oil the "speculators" will have nothing to sell us when OPEC decides not to sell us what we need.

The only true solution is to make OPEC unable to hurt us, and we do that by increasing domestic oil production. We increase production by drilling in places we haven't explored yet, and for now there's a congressional moratorium on that sort of exploration. Were that moratorium lifted, domestic oil production would not increase for at least five years, but the market doesn't care about that. "Speculators" would immediately start selling their oil hoping to make a profit while the price is still high, predicting that future oil production would make their stockpiles dirt cheap. Prices would fall long before the new oil fields produced anything. Really, it's the Democrats who have voted against lowering oil prices. They could lift the moratorium and oil prices would decrease by half in a matter of days as oil companies announced their plans to explore new oil fields.
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Old 29-07-08, 09:37 AM   #3
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I disagree. The problem was caused by deregulation of the futures. We don't know how much impact there is simply because the deregulations made it where the futures can't be tracked and domestic futures can be traded overseas. Other deregulations which happened about the same time and which are also effecting us? Enron and sub-primes. Tighten up the regulations and close the loopholes and you'll be on better footing to attempt a recovery. The Republicans were the ones who drove the deregulations and so don't want it fixed due to the special interests pulling their strings.


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Old 29-07-08, 11:31 PM   #4
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You disagree. What else is new?
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Old 30-07-08, 08:34 AM   #5
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Maybe he should leave the country and just pretend to be concerned about america's internal affairs from thousands of miles away where they have no effect on him.
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Old 30-07-08, 10:28 AM   #6
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Funny how in one breath Republicans say America is the most important country in the world and 'the' world leader, and then in the next that America doesn't effect that world.

Not very bright of you is it? Shows you don't actually think, you just spout and reply.


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