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(NASDAQ)   Experts: "rising demand for oil around the world and supply concerns stemming from Iran sanctions are driving prices at the pump"   (nasdaq.com) divider line 152
    More: Interesting, sanctions against Iran, Iran, Dow Jones Newswires, U.S. Energy Information Administration, Senate Hearing, oil exports, crude oil  
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1271 clicks; posted to Politics » on 31 Mar 2012 at 1:04 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-31 10:58:23 AM  
No "obvious" tag, subby?
 
2012-03-31 11:34:42 AM  
Translated: "Because we can, b*t ches"
 
2012-03-31 12:42:39 PM  
This is not a repeat from the minute after the dinosaurs got too big and fat and all died and became oil.

www.wearysloth.com
 
2012-03-31 01:03:13 PM  
1. The US purchases no Iranian oil and has not for years.
2. US oil demand, the highest in the world, is the lowest it's been since the 1990s.
3. Speculation is absolutely occurring and raising the price. You're simply wrong if you say otherwise. That's just a fact.
4. Speculation is legal and occurs in every other commodity, and in each of those is responsible for at least some price rise, so pretending it isn't happening is like pretending the sun didn't rise today.
5. The same people who say that oil speculation is good for a free market also refuse to end tax breaks to the most profitable businesses in the country, on the grounds that a fair market is bad.
6. There is a sharp disconnect between gas prices, gas demand, and oil prices. Oil prices rise, triggering an instant gas price rise when the supply of higher oil won't reach the pump as gas for a month at minimum. The rise in price also reduces the demand for gas.
7. Supply is relatively constant. Oil production does not vastly increase or decrease on a daily basis, and Iran has been cut off for some time.

Combine all this together, and you have steady supply, rising prices, falling demand and only one variable: speculation.

Now tell me again how speculation can't be raising prices, or disprove any of the above.
 
2012-03-31 01:08:28 PM  
Obviously what we need to do is to build a pipeline that would take oil that would've been destined for the Midwest and sell it on the world market.
 
2012-03-31 01:11:12 PM  

GAT_00: 1. The US purchases no Iranian oil and has not for years.
2. US oil demand, the highest in the world, is the lowest it's been since the 1990s.
3. Speculation is absolutely occurring and raising the price. You're simply wrong if you say otherwise. That's just a fact.
4. Speculation is legal and occurs in every other commodity, and in each of those is responsible for at least some price rise, so pretending it isn't happening is like pretending the sun didn't rise today.
5. The same people who say that oil speculation is good for a free market also refuse to end tax breaks to the most profitable businesses in the country, on the grounds that a fair market is bad.
6. There is a sharp disconnect between gas prices, gas demand, and oil prices. Oil prices rise, triggering an instant gas price rise when the supply of higher oil won't reach the pump as gas for a month at minimum. The rise in price also reduces the demand for gas.
7. Supply is relatively constant. Oil production does not vastly increase or decrease on a daily basis, and Iran has been cut off for some time.

Combine all this together, and you have steady supply, rising prices, falling demand and only one variable: speculation.

Now tell me again how speculation can't be raising prices, or disprove any of the above.


How dare you introduce facts and logic to a Fark politics thread. Have you no shame?
 
2012-03-31 01:12:02 PM  
Wait a minute - you mean people exist outside the US, and that they're part of the demand part of supply & demand? WTF are these furriners doing with the oil that belongs to us?
 
2012-03-31 01:14:10 PM  

Mrtraveler01: Obviously what we need to do is to build a pipeline that would take oil that would've been destined for the Midwest and sell it on the world market.


or we could just print more money

you do know the value of the dollar is in no way tied to the price of oil?

So lets print another 2 trillion, and spend it?

Worked last time Obama did it... right?
 
2012-03-31 01:14:24 PM  
Wait, are you trying to say that the entire RW narrative about Obama deliberately keeping the price of gas high because he's A) Got the power to do so B) Likes making Americans suffer and C) Is the libbiest eniviro-wacko EVAH is some kind of untruth?

Obvious tag gone golfing or something?

/My favorite RW pundits are the ones who complain about the high price of gas and then without even drawing breath go on to demand military adventurism in Iran.
//Never gets old.
 
2012-03-31 01:15:33 PM  

Karac: Wait a minute - you mean people exist outside the US, and that they're part of the demand part of supply & demand? WTF are these furriners doing with the oil that belongs to us?


sounds like we need another war??// Lybia's already taken.
 
2012-03-31 01:17:39 PM  
We should bomb them. That would really lower the price of oil.
 
2012-03-31 01:17:54 PM  

GAT_00: 1. The US purchases no Iranian oil and has not for years.
2. US oil demand, the highest in the world, is the lowest it's been since the 1990s.


1. Europe/India/China buy oil from Iran. If the sanctions are cutting off their access to Iranian oil, they'll buy oil from the same places that the US buys oil from.
2. The US buys oil from the same markets and thus at the same prices as Europe/India/China, so higher demand in those markets (mainly the last two) does affect our prices.
 
2012-03-31 01:19:00 PM  

quatchi: Wait, are you trying to say that the entire RW narrative about Obama deliberately keeping the price of gas high because he's A) Got the power to do so B) Likes making Americans suffer and C) Is the libbiest eniviro-wacko EVAH is some kind of untruth?


Some of the PAC ads being run on TV and radio right now aren't too far from this narrative.
 
2012-03-31 01:19:44 PM  

winterwhile: Karac: Wait a minute - you mean people exist outside the US, and that they're part of the demand part of supply & demand? WTF are these furriners doing with the oil that belongs to us?

sounds like we need another war??// Lybia's already taken.


Are you the only troll that didn't go to Vegas?

The threads are eerily quiet today.
 
2012-03-31 01:23:24 PM  

Mrtraveler01: winterwhile: Karac: Wait a minute - you mean people exist outside the US, and that they're part of the demand part of supply & demand? WTF are these furriners doing with the oil that belongs to us?

sounds like we need another war??// Lybia's already taken.

Are you the only troll that didn't go to Vegas?

The threads are eerily quiet today.


I think he'd get lost in the airport.
 
2012-03-31 01:24:31 PM  
Translation: we have to raise the price of crude oil because we raised the price of gas.
 
2012-03-31 01:26:03 PM  

winterwhile: Mrtraveler01: Obviously what we need to do is to build a pipeline that would take oil that would've been destined for the Midwest and sell it on the world market.

or we could just print more money

you do know the value of the dollar is in no way tied to the price of oil?

So lets print another 2 trillion, and spend it?

Worked last time Obama did it... right?


0bama has proved time and time again that he doesn't care about the price of gas. In fact he wants it higher to support his contributors from the solar power industry (hi Solyndra!).

He is pretending now because an election is coming up and the "0sama is no longer alive" pitch isn't working anymore.
 
2012-03-31 01:27:08 PM  

Mrtraveler01: winterwhile: Karac: Wait a minute - you mean people exist outside the US, and that they're part of the demand part of supply & demand? WTF are these furriners doing with the oil that belongs to us?

sounds like we need another war??// Lybia's already taken.

Are you the only troll that didn't go to Vegas?

.


It is a bit quiet here in Vegas, but it will pick up later.
 
2012-03-31 01:28:17 PM  

elchip: Mrtraveler01: winterwhile: Karac: Wait a minute - you mean people exist outside the US, and that they're part of the demand part of supply & demand? WTF are these furriners doing with the oil that belongs to us?

sounds like we need another war??// Lybia's already taken.

Are you the only troll that didn't go to Vegas?

The threads are eerily quiet today.

I think he'd get lost in the airport.


I don't think he'd even make it to the airport.

Although part of me would like to watch him try, just for the lulz.
 
2012-03-31 01:29:29 PM  

quatchi: Wait, are you trying to say that the entire RW narrative about Obama deliberately keeping the price of gas high because he's A) Got the power to do so B) Likes making Americans suffer and C) Is the libbiest eniviro-wacko EVAH is some kind of untruth?


I love when the same people who say that he's doing A, B, and C above turn around and say something about how he's

D) constantly in campaign mode and will do anything to win the next election instead of concentrating on running the gov't.
E) a do nothing President who isn't able to accomplish anything and is a complete failure at everything he's ever done.

Hey, right-wingers...
1) He can't be both doing everything in his power to piss everybody off and doing nothing but taking actions to get re-elected at the same time.
2) He can't be both an ultra-powerful megalomaniac hellbent on destroying America and also a lazy do-nothing at the same time.
 
2012-03-31 01:29:47 PM  

tenpoundsofcheese: Mrtraveler01: winterwhile: Karac: Wait a minute - you mean people exist outside the US, and that they're part of the demand part of supply & demand? WTF are these furriners doing with the oil that belongs to us?

sounds like we need another war??// Lybia's already taken.

Are you the only troll that didn't go to Vegas?

It is a bit quiet here in Vegas, but it will pick up later.


I figured everyone was still getting over their hangovers by this point in the morning.
 
2012-03-31 01:30:56 PM  

Don't Troll Me Bro!: 1) He can't be both doing everything in his power to piss everybody off and doing nothing but taking actions to get re-elected at the same time.
2) He can't be both an ultra-powerful megalomaniac hellbent on destroying America and also a lazy do-nothing at the same time.


Why not? He's farking Obama!
 
2012-03-31 01:31:17 PM  

winterwhile: So lets print another 2 trillion, and spend it?

Worked last time Obama did it... right?


Right.
 
2012-03-31 01:32:05 PM  

GAT_00: 1. The US purchases no Iranian oil and has not for years.
2. US oil demand, the highest in the world, is the lowest it's been since the 1990s.
3. Speculation is absolutely occurring and raising the price. You're simply wrong if you say otherwise. That's just a fact.
4. Speculation is legal and occurs in every other commodity, and in each of those is responsible for at least some price rise, so pretending it isn't happening is like pretending the sun didn't rise today.
5. The same people who say that oil speculation is good for a free market also refuse to end tax breaks to the most profitable businesses in the country, on the grounds that a fair market is bad.
6. There is a sharp disconnect between gas prices, gas demand, and oil prices. Oil prices rise, triggering an instant gas price rise when the supply of higher oil won't reach the pump as gas for a month at minimum. The rise in price also reduces the demand for gas.
7. Supply is relatively constant. Oil production does not vastly increase or decrease on a daily basis, and Iran has been cut off for some time.

Combine all this together, and you have steady supply, rising prices, falling demand and only one variable: speculation.

Now tell me again how speculation can't be raising prices, or disprove any of the above.


Who cares?

It's all Obama's fault anyway.
 
2012-03-31 01:32:47 PM  
Methinks you are now twenty pounds of cheese and green and runny. Truth is your pitch has not worked in 4 years and will not for 4 more. Who are you voting for cheeeeeesey? Better yet ...why?
 
2012-03-31 01:35:06 PM  

Toots de la Footsjelly: Methinks you are now twenty pounds of cheese and green and runny. Truth is your pitch has not worked in 4 years and will not for 4 more. Who are you voting for cheeeeeesey? Better yet ...why?


¿lolwhut?
 
2012-03-31 01:35:31 PM  

Arkanaut: GAT_00: 1. The US purchases no Iranian oil and has not for years.
2. US oil demand, the highest in the world, is the lowest it's been since the 1990s.

1. Europe/India/China buy oil from Iran. If the sanctions are cutting off their access to Iranian oil, they'll buy oil from the same places that the US buys oil from.
2. The US buys oil from the same markets and thus at the same prices as Europe/India/China, so higher demand in those markets (mainly the last two) does affect our prices.


We buy quite a bit of oil in long term contracts that don't vary. All the oil companies do this and only buy extra speculated oil for demand they think they can meet outside of their main supply. So no, most of our supply isn't changing or up for price fluctuations.
 
2012-03-31 01:36:24 PM  
Anyone complaining about the price of gas, without following up about how we need to get the fark off crude oil and onto alternative energy as soon as possible, should sign up for the Special Olympics immediately.

The fact that we're resorting to extracting from something called "tar sands" means the supply is already farked, and most of what remains is controlled by unstable OPEC shiatholes. If you don't want our country pushing hard towards alternative energy, that's fine--just don't complain about the price. There's no excuse to be blindsided by this every time it happens.
 
2012-03-31 01:36:44 PM  
Gas prices are only going to continue to rise. Either accept a lower standard of living or make more money. There's no other option. Government isn't going to save you.
 
2012-03-31 01:36:48 PM  
This year, there's also a glut of oil in the northeast that happens whenever the winters there are mild. Demand for heating oil (which comes from petroleum) was majorly low this season and there's a bunch of oil inventories sitting around that would have otherwise been refined into heating oil. But yet such reckless speculation is occurring that it is negating the effect of all that extra inventory.
 
2012-03-31 01:46:06 PM  

Don't Troll Me Bro!: Hey, right-wingers...
1) He can't be both doing everything in his power to piss everybody off and doing nothing but taking actions to get re-elected at the same time.
2) He can't be both an ultra-powerful megalomaniac hellbent on destroying America and also a lazy do-nothing at the same time.


He can and is. He is all things to all people. Most of them very, very bad.
 
2012-03-31 01:47:04 PM  
Don't have a job and don't drive anywhere. Score one for the lazy bum!

/Off to eat steak.
 
2012-03-31 01:48:11 PM  

abb3w: No "obvious" tag, subby?


It's probably off somewhere being relevant...as opposed to if it were here
 
2012-03-31 01:50:26 PM  

Zeno-25: This year, there's also a glut of oil in the northeast that happens whenever the winters there are mild. Demand for heating oil (which comes from petroleum) was majorly low this season and there's a bunch of oil inventories sitting around that would have otherwise been refined into heating oil. But yet such reckless speculation is occurring that it is negating the effect of all that extra inventory.


www.livinggenerously.com

What can Obama do against such reckless speculation?

/hot like the fires of Mordor
 
2012-03-31 01:51:49 PM  

Mrtraveler01: quatchi: Wait, are you trying to say that the entire RW narrative about Obama deliberately keeping the price of gas high because he's A) Got the power to do so B) Likes making Americans suffer and C) Is the libbiest eniviro-wacko EVAH is some kind of untruth?

Some of the PAC ads being run on TV and radio right now aren't too far from this narrative.


Please tell me they've at least dropped that absurd "the price of gas when Obama took office was X" nonsense that totally fails to acknowledge the reason why gas had dropped to that low (ie. the economic tailspin created by the housing bubble implosion).

Kinda used to them not mentioning the fact that US domestic oil production under Obama is at an 8 year high with more oil rigs in production any time since the late 80s (nu-pop) or that he's announced loan guarantees of 8.3 billion to help build the first U.S. nuclear power plants in nearly three decades (nu-pop) as well as made great strides in encouraging advances in green, clean renewable energy like solar, wind et al but herping that long discredited "price of gas was X" derp at this point just seems like the very same kind of willful hubris that the ancient Greek used to have.

Karac: Wait a minute - you mean people exist outside the US, and that they're part of the demand part of supply & demand? WTF are these furriners doing with the oil that belongs to us?


As a Canadian, lemme just say sorry about that whole "sitting on top of your oil" thing but in our defense we are pumping the stuff back down to you at a prodigious rate in order to make amends. ^_^
 
2012-03-31 01:54:33 PM  
So it's all Obama's fault, then.
 
2012-03-31 01:57:13 PM  
That's an awfully wordy way to say "Fartbongo", subby
 
2012-03-31 02:03:34 PM  

GAT_00: 1. The US purchases no Iranian oil and has not for years.
2. US oil demand, the highest in the world, is the lowest it's been since the 1990s.
3. Speculation is absolutely occurring and raising the price. You're simply wrong if you say otherwise. That's just a fact.
4. Speculation is legal and occurs in every other commodity, and in each of those is responsible for at least some price rise, so pretending it isn't happening is like pretending the sun didn't rise today.
5. The same people who say that oil speculation is good for a free market also refuse to end tax breaks to the most profitable businesses in the country, on the grounds that a fair market is bad.
6. There is a sharp disconnect between gas prices, gas demand, and oil prices. Oil prices rise, triggering an instant gas price rise when the supply of higher oil won't reach the pump as gas for a month at minimum. The rise in price also reduces the demand for gas.
7. Supply is relatively constant. Oil production does not vastly increase or decrease on a daily basis, and Iran has been cut off for some time.

Combine all this together, and you have steady supply, rising prices, falling demand and only one variable: speculation.

Now tell me again how speculation can't be raising prices, or disprove any of the above.


Well done. Needs repeating.
 
2012-03-31 02:04:13 PM  

winterwhile: Mrtraveler01: Obviously what we need to do is to build a pipeline that would take oil that would've been destined for the Midwest and sell it on the world market.

or we could just print more money

you do know the value of the dollar is in no way tied to the price of oil?

So lets print another 2 trillion, and spend it?

Worked last time Obama did it... right?


img7.imageshack.us

img839.imageshack.us

img707.imageshack.us
 
2012-03-31 02:05:30 PM  

quatchi: Wait, are you trying to say that the entire RW narrative about Obama deliberately keeping the price of gas high because he's A) Got the power to do so B) Likes making Americans suffer and C) Is the libbiest eniviro-wacko EVAH is some kind of untruth?


It's completely true. Obama has stifled demand for oil through lousing up the economy and smothering us with regulations, and as everyone knows, lower demand only drives up prices.

Right?... Oh wait.
 
2012-03-31 02:06:17 PM  

Pants full of macaroni!!: Don't Troll Me Bro!: Hey, right-wingers...
1) He can't be both doing everything in his power to piss everybody off and doing nothing but taking actions to get re-elected at the same time.
2) He can't be both an ultra-powerful megalomaniac hellbent on destroying America and also a lazy do-nothing at the same time.

He can and is. He is all things to all people. Most of them very, very bad.


same as always.
Remember Bush was both the stupidest President ever as well as the guy who was ablle to convince Congress to go to war in order to fulfill the agenda of the Trilarteral Commission and get all that oil for blood.
 
2012-03-31 02:07:17 PM  
The Economist had a piece on oil speculation, I think it was four issues back. On a $125 barrel of oil, speculation accounted for $8.

You know how conservatives engage in this magical wishful fantasy world, where more drilling in the US will somehow end imports and knock 30 or 40% off prices?

"B-b-b-but speculation!" is the left's version of that.

Its expensive. Its going to get more expensive. The fact that many costs are externalized screws up price signals that would otherwise make it even more expensive. The only answers are to use less, make alternatives viable, or bend over and pay.

Those three choices. No magic solutions. None.
 
2012-03-31 02:08:31 PM  
Almost Forgot. This was written by someone else but its still valid.

Dear Winterwhile,

I hope everything you say is true. I hope everything Santorum, Palin and Rush beleives in is 100% unequivocally and demonstrably true.

Do you know why?

Because I hope that one day an Obamacare 'death panel' will execute you, your mother, your family and every other mouth breathing, hypocritical, argumentative, petty, impotent, right-wing batshiat crazy threadjacking douchebag like you. *Looks sternly at Roy G Biv*

But before they swab your arm with an alcohol prep pad to sterilize the site where they will put the lethal injection I hope they give you a medically unnecessary transvaginal ultrasound. And while they're doing that I hope they call you a slut. Not that you've ever ever had sex with any member of your own species but I hope they call you a slut for the sake of all those chickens you farked into a bloody pulp in this thread alone

What's that? You don't have a vagina? Well I hope they give you an equally unneccessary gender reassignment surgery, but without anesthesia (for the sake of fiscal conservation) just so you can experience the sheer delight of how amazingly right your political convictions are.

In short please take your logical, well thought out and articulated arguments and DIAF
 
2012-03-31 02:10:12 PM  

tenpoundsofcheese: Pants full of macaroni!!: Don't Troll Me Bro!: Hey, right-wingers...
1) He can't be both doing everything in his power to piss everybody off and doing nothing but taking actions to get re-elected at the same time.
2) He can't be both an ultra-powerful megalomaniac hellbent on destroying America and also a lazy do-nothing at the same time.

He can and is. He is all things to all people. Most of them very, very bad.

same as always.
Remember Bush was both the stupidest President ever as well as the guy who was ablle to convince Congress to go to war in order to fulfill the agenda of the Trilarteral Commission and get all that oil for blood.


No, Bush was the idiot. Rove and Cheney were the master manipulators.

Get it right!
 
2012-03-31 02:11:18 PM  

Raharu: Almost Forgot. This was written by someone else but its still valid.

Dear Winterwhile,

I hope everything you say is true. I hope everything Santorum, Palin and Rush beleives in is 100% unequivocally and demonstrably true.

Do you know why?

Because I hope that one day an Obamacare 'death panel' will execute you, your mother, your family and every other mouth breathing, hypocritical, argumentative, petty, impotent, right-wing batshiat crazy threadjacking douchebag like you. *Looks sternly at Roy G Biv*

But before they swab your arm with an alcohol prep pad to sterilize the site where they will put the lethal injection I hope they give you a medically unnecessary transvaginal ultrasound. And while they're doing that I hope they call you a slut. Not that you've ever ever had sex with any member of your own species but I hope they call you a slut for the sake of all those chickens you farked into a bloody pulp in this thread alone

What's that? You don't have a vagina? Well I hope they give you an equally unneccessary gender reassignment surgery, but without anesthesia (for the sake of fiscal conservation) just so you can experience the sheer delight of how amazingly right your political convictions are.

In short please take your logical, well thought out and articulated arguments and DIAF


Something told me they got banned after that huh?
 
2012-03-31 02:11:27 PM  

winterwhile: Mrtraveler01: Obviously what we need to do is to build a pipeline that would take oil that would've been destined for the Midwest and sell it on the world market.

or we could just print more money

you do know the value of the dollar is in no way tied to the price of oil?

So lets print another 2 trillion, and spend it?

Worked last time Obama did it... right?


you are sorta stupid

The petrodollar system originated in the early 1970's in the wake of the Bretton Woods collapse. In a series of highly secret meetings, the U.S. - represented by then U.S. Secretary of State Henry Kissinger according to many commentators - and the Saudi Royal Family made a powerful agreement. According to the agreement, the U.S. offered military protection for Saudi Arabia's oil fields. What did the U.S. want in exchange? For Saudi Arabia to agree to price all of their oil sales in U.S. dollars and to then invest their surplus oil proceeds into U.S. Treasury Bills. This system was later referred to as "petrodollar recycling" by Henry Kissinger. The Saudis agreed and the petrodollar system was born.

By 1975, all of the oil-producing nations of OPEC had agreed to price their oil in dollars and to hold their surplus oil proceeds in U.S. government debt securities as well. Today, the U.S. maintains a major military presence in much of the Persian Gulf region, including the following countries: Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Egypt, Israel, Jordan, and Yemen.

Today, virtually all oil transactions are made in U.S. dollars. This means that if you want to buy a barrel of oil anywhere in this world, you must pay for it with U.S. dollars. If you do not have U.S. dollars, you must obtain them somehow. One way is to simply convert your currency for U.S. dollars on the exchange markets. Or, products can be exported to U.S. in exchange for U.S. dollars.
 
2012-03-31 02:16:31 PM  
Gas will never be cheap again. Ever. Even if you vote for Newt Gingrich. I don't have time to write out the whole reason, but just do a Google image search for "normal curve" and "exponential curve" and notice how they look really similar to each other for a while and then they don't at all. That's why gas will never be cheap again.
 
2012-03-31 02:25:34 PM  

GAT_00: 1. The US purchases no Iranian oil and has not for years.
2. US oil demand, the highest in the world, is the lowest it's been since the 1990s.
3. Speculation is absolutely occurring and raising the price. You're simply wrong if you say otherwise. That's just a fact.
4. Speculation is legal and occurs in every other commodity, and in each of those is responsible for at least some price rise, so pretending it isn't happening is like pretending the sun didn't rise today.
5. The same people who say that oil speculation is good for a free market also refuse to end tax breaks to the most profitable businesses in the country, on the grounds that a fair market is bad.
6. There is a sharp disconnect between gas prices, gas demand, and oil prices. Oil prices rise, triggering an instant gas price rise when the supply of higher oil won't reach the pump as gas for a month at minimum. The rise in price also reduces the demand for gas.
7. Supply is relatively constant. Oil production does not vastly increase or decrease on a daily basis, and Iran has been cut off for some time.

Combine all this together, and you have steady supply, rising prices, falling demand and only one variable: speculation.

Now tell me again how speculation can't be raising prices, or disprove any of the above.


Best part...
forever
 
2012-03-31 02:26:21 PM  
That can't be true! Rush Limbaugh told me Obama is causing gas prices to skyrocket because of his Kenyan Muslim socialist policies, and Rush would never lie. He's the kindest, most good-hearted person I know.
 
2012-03-31 02:35:07 PM  

GAT_00: 1. The US purchases no Iranian oil and has not for years.
2. US oil demand, the highest in the world, is the lowest it's been since the 1990s.
3. Speculation is absolutely occurring and raising the price. You're simply wrong if you say otherwise. That's just a fact.
4. Speculation is legal and occurs in every other commodity, and in each of those is responsible for at least some price rise, so pretending it isn't happening is like pretending the sun didn't rise today.
5. The same people who say that oil speculation is good for a free market also refuse to end tax breaks to the most profitable businesses in the country, on the grounds that a fair market is bad.
6. There is a sharp disconnect between gas prices, gas demand, and oil prices. Oil prices rise, triggering an instant gas price rise when the supply of higher oil won't reach the pump as gas for a month at minimum. The rise in price also reduces the demand for gas.
7. Supply is relatively constant. Oil production does not vastly increase or decrease on a daily basis, and Iran has been cut off for some time.

Combine all this together, and you have steady supply, rising prices, falling demand and only one variable: speculation.

Now tell me again how speculation can't be raising prices, or disprove any of the above.


The only thing I would change is that we might be one of the biggest users. Hasn't China passed us? Other than that, this needs to be repeatedly shoved into the faces of the "drill, baby drill" and "wah, the EPA hasn't let us build refineries for 20 years) crowd.
 
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