A bi-partisan commitment to start drilling along with the lifting of bans on offshore drilling would immediately affect the price of oil. What exactly do you think speculators do ? Have you ever heard of oil futures trading ? Started in the 80 's .Sounds like your the one that needs a clue.
Have we gotten a guarantee from oil corps?
Have they said "give us those leases and we will cut the cost of gas by $1 a gallon"?
It is sheerly speculation and the supply of oil isn't the culprit - it is the shit ass economy that this admin has given the rest of us, the value of the dollar is in the shitter so it takes more of them to buy stuff.
And of course it is the speculators that are the problem.
The oil corps have plenty of land to explore, let them explore it.The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How?
‘Perhaps 60% of today’s oil price is pure speculation’
Why now?
Maybe because they know that there is a really good chance that they will get those leases while GWB holds office, once he is out the new admin won't cater to them.
Maybe because it is politics as usual, make the dems who hold a small majority, look bad to try to prevent them from getting a larger majority and try to keep a dem out of the WH.
And maybe because it is all of the above plus the fortunes speculators make plus how horrible the value of our US dollar.
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