Furthermore, the rapidly rising price of oil over the summer coupled with surplus oil production were brought to the always attentive W.by none other than the Saudis. Recall W. asking the Saudis to increase production and they refused on the notion that the market was already oversupplied. (As evidenced by Iran floating 30 million unsold barrels in the persian Gulf due to not having a buyer for it) We can pretend that George W. Bush didn't know this already before this meeting. He looked to the American public like he was fighting for us but he knew the real situation ahead of time.(great leadership )
Militarism and war drove the value of our dollar down by plunging our country deeply into debt. Dollar depreciation results in those selling the oil to demand more money for it. War creates instability and traders speculate on the impacts of oil surplus and shortages . W. also did nothing to stop out of control speculation(try to find regulations on commodities futures markets, they do not exist) while talking about our "addiction to oil"(another ratchet it up opportunity).

 

:rofl::rofl::rofl::rofl:

You might want to loosen that tinfoil wrapped around your head.....

 

It truly is amazing how many get so upset at a business making money. The oil companies DID make quite a bit over the summer...and at the moment, they're not doing so well.

Would you rather a business make money...or be asking the federal government for a bailout with YOUR TAX MONEY?

 

Maybe the oil companies should bail ut the auto companies

 

Now thats an idea pdm i couldnt agree more.

 

GM should be allowed to go bankrupt.

 

Well, I hope the price continues to fall.

I'm very keen on the economy, but I believe that the oil companies had a lot to do with the economy going bad. I hope the economy will get better if the prices of oil continue to drop.

 

Ah, but that assumption would imply the oil companies had complete control over the price of oil...which they didn't.

If they did...then why in the world would oil be low now?

Maybe because they DON'T control that! Simple supply and demand, here. Demand overseas is plummeting much, much faster than ours is, particularly in China. On top of that, the Arabs can't afford to stop production, as they overextended themselves when oil was expensive. Now, they HAVE to keep producing, and at the same time, there is much less demand than 6 months ago.

I know, I know...everyone LOVES to hate big business...but in this case, everyone was pointing the finger at the WRONG PEOPLE.