Maybe it was just a coincidence but wasn't that about the same time Bush lifted the ban on offshore drilling?

 

 

If you honestly believe that lifting the symbolic executive ban truly caused oil to fall $20 a barrel, you should be outraged that it took Bush so long to get around to it. :lol:

Maybe it was just a coincidence but wasn't that about the same time Bush lifted the ban on offshore drilling?

T. Boone Pickens' ads and McCain's increased focus on offshore drilling probably did not hurt either. Even Dick Durbin has been moving toward McCain's position on domestic drilling.

T. Boone Pickens' ads and McCain's increased focus on offshore drilling probably did not hurt either. Even Dick Durbin has been moving toward McCain's position on domestic drilling.

 

Or, maybe it was Bob Novak hitting a pedestrian with his Corvette. All are about equally likely to have had a significant influence on the price of oil...

Or, maybe it was Bob Novak hitting a pedestrian with his Corvette. All are about equally likely to have had a significant influence on the price of oil...

:lol: Sorry, H, I forgot that in the liberal view of this country, news and political climate have no impact on the free market and tax policies have no impact on our free market economy.

If you honestly believe that lifting the symbolic executive ban truly caused oil to fall $20 a barrel, you should be outraged that it took Bush so long to get around to it. :lol:

No, actually I am outraged that Congress hasn't followed suit.

I've never understood the concept of windfall taxes since its nothing more than a cost to the companies involved.

 

I've said it before. Its partly our fault that oil prices are so high. We were fat and happy and never forced our government into alternative solutions. Now we want to blame the oil companies.

Or, maybe it was Bob Novak hitting a pedestrian with his Corvette. All are about equally likely to have had a significant influence on the price of oil...

 

Would it not make sense that prices are determined in part by expected future profitability? Especially in a market with unregulated speculation?

:lol: Sorry, H, I forgot that in the liberal view of this country, news and political climate have no impact on the free market and tax policies have no impact on our free market economy.

 

 

So, are you angry at Bush for taking so long to lift the redundant executive ban on offshore drilling? What about McCain for taking so long to get behind the idea? How much do you think these two acts were worth to the price of a barrel? Since it seems so certain to be a big effect, how about we say $15. That means the feet-dragging of these two has cost our economy roughly $27 billion over the past three months. :lol:

Would it not make sense that prices are determined in part by expected future profitability? Especially in a market with unregulated speculation?

 

 

Lifting the executive ban on offshore drilling was a symbolic gesture. It means nothing until Congress passes legislation, which they're not inclined to do. And even if they passed a law tomorrow, we wouldn't see any oil for years, maybe a decade. I haven't heard a lucid, credible explanation for why the spot market price would be affected by these developments. The recent drop in oil prices is a function of short-term market fundamentals, and maybe a few speculators bailing out. Nothing more, nothing less.

I've never understood the concept of windfall taxes since its nothing more than a cost to the companies involved.

 

I've said it before. Its partly our fault that oil prices are so high. We were fat and happy and never forced our government into alternative solutions. Now we want to blame the oil companies.

 

Windfall taxation of profits is socialism, plain and simple. It does not work!!! It is nothing more than a political ploy by Obama and company to score points/votes by demonizing "the man" in this case oil companies. Class warefare at its finest.

Lifting the executive ban on offshore drilling was a symbolic gesture. It means nothing until Congress passes legislation, which they're not inclined to do. And even if they passed a law tomorrow, we wouldn't see any oil for years, maybe a decade. I haven't heard a lucid, credible explanation for why the spot market price would be affected by these developments. The recent drop in oil prices is a function of short-term market fundamentals, and maybe a few speculators bailing out. Nothing more, nothing less.

 

These fundamentals you speak of are also effected by many things. Weather, geopolitical developments, new discoveries, etc., etc. etc. When the president of the US says something about oil I would not disregard it. It is as a factor like the others mentioned. May not constitute all of the recent price change, but it is a piece of it for sure.

Lifting the executive ban on offshore drilling was a symbolic gesture. It means nothing until Congress passes legislation, which they're not inclined to do. And even if they passed a law tomorrow, we wouldn't see any oil for years, maybe a decade. I haven't heard a lucid, credible explanation for why the spot market price would be affected by these developments. The recent drop in oil prices is a function of short-term market fundamentals, and maybe a few speculators bailing out. Nothing more, nothing less.

 

Then if it can have no effect why are Nasty Nancy and Dingy Harry so scared to let a vote happen?

 

Maybe, just maybe the Dems think it will have an effect on the price of gasoline and the last thing they want before November is any good news on that front.

These fundamentals you speak of are also effected by many things. Weather, geopolitical developments, new discoveries, etc., etc. etc. When the president of the US says something about oil I would not disregard it. It is as a factor like the others mentioned. May not constitute all of the recent price change, but it is a piece of it for sure.

 

 

The President has been talking about increased domestic drilling for his entire term in office (including the entire period of the runup in oil prices from $60 to near $150). Either the markets had dirt in their ears until just recently or Bush's talk has had little real effect.

Then if it can have no effect why are Nasty Nancy and Dingy Harry so scared to let a vote happen?

 

Maybe, just maybe the Dems think it will have an effect on the price of gasoline and the last thing they want before November is any good news on that front.

 

 

Or, maybe they realize (correctly) that it will have no effect on the price of gasoline for years (if ever) and don't want to sell out their environmental positions by signing up to the Republicans' stupid idea.

The President has been talking about increased domestic drilling for his entire term in office (including the entire period of the runup in oil prices from $60 to near $150). Either the markets had dirt in their ears until just recently or Bush's talk has had little real effect.

 

So is your argument that power players in world politics who make statements in reference to oil/energy have zero impact on market price fluctuations?