Why the Oil Price Is High »
Posted By populist 5 months, 3 weeks ago in Business & FinanceBy pumping out money in an effort to forestall recession and paper over balance-sheet problems, the Federal Reserve is driving up commodity and food prices in general. Yet American real incomes are not growing. Even without jobs offshoring, U.S. economic policy has put the bulk of the population on a path to lower living standards.
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Locky125 months, 2 weeks ago
Umm, no.
But I can't blame you who get your news from Jon Stewart.
It's simple supply and demand.
If we drill where we know we have it and bring that to the pump, the price will go down.
Thank me.
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bigurn5 months, 2 weeks ago
The author makes a good point. Printing money to hold back inflation left the dollar weak. That's correct.
But let's not forget that worldwide demand is skyrocketing. The Chinese government is writing contracts for the whole country's demand, and tying up capacity. This seriously distorts macroeconomic demand overall.
Also, 2 years ago President Bush took $200 Billion away from the oil company subsidy (betcha didn't hear about that, did you?). The lack of subsidy has an upward pressure on pricing, but is still the right thing to do.
Drill for more oil, build more nuclear power, and conserve sensibly. And, get Congress to reduce the huge taxation on the oil industry.
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billcorno5 months, 2 weeks ago
We need to get into alternative energy! It's a no-brainer! We get to keep our wild places, create new jobs, we get a clean planet, less conflict in the Middle East, sheiks don't get our money, our troops come home, Russia loses it's money prop for it's corrupt government, and on and on...
"It's hard to get a man to understand something when his salary depends on his not understanding it." - Upton Sinclair from the Inconvenient Truth website.
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bigurn5 months, 2 weeks ago
They're not, but they should for their own sake. I'm a car guy, and I remember the huge transition to fuel injection. Several of the carbeurator manufacturers argued that they were a better fuel/air mixture mechanism (they were right, by the way). However, the market went another way and several companies folded.
The oil companies are run by very smart people, and they'll figure it out.
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