Have you noticed how quik the price of oil fell after the Dems decided to let America drill for it's own oil?

Um, no, the price of oil has gone down because of the precipitous drop in the stock market. Most of the rapid and tremendous rise in the price of oil over the last several years has been due to speculation on oil futures. So when the stock market falls, that includes the oil futures market.





Whenever you see a sharp rise in the price of a commodity, as we have seen with oil for the last several years, it is almost certainly due to speculation. To be sure, the demand for oil has increased, what with the burgeoning economies in China and India, but that increase in demand does not in any reasonable way relate to the recent rise in oil prices. When commodity prices are due to speculation, precipitous rise can be, and eventually is, followed by precipitous fall.





Look, I work for a major oil company. Even if all of the currently restricted areas were opened up to drilling, it would be years before any oil could be produced from them, particularly the offshore areas. Even then, the amount of oil in those areas, compared with world production (the basis for oil pricing) is almost insignificant. It wouldn't make any difference at all in oil prices, or gas prices, in the short term, and very little, if any, in the long term.





Don't get me wrong . . . there is certainly enough oil in those areas for the oil companies to make money. I am planning to retire in a few years, so the better my company's stock price is, the better for me. So, by all means, let's drill. But if you think it's going to do you any good at the gas pump, think again. Have you noticed how quik the price of oil fell after the Dems decided to let America drill for it's own oil?
dont be silly obama lowered the price of oil while he was napping last month





knowbama nobama