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How much, yoni?
It's a fundamental economic principle, more of something drives down the price.
How much, yoni?
So why did it go up again?
It's fun to try to tie oil prices to a single event like that, but simply doesn't work that way over the long run.
And you still didn't answer the question, jack.
the rest would cut production, you ing idiot.
Jack's logic is the "A occurred before B, therefore A caused B"
And of course oil traders (often trading on behalf of oilcos, Wall St, and oil country sovereigh funds), detached from oil supply/demand, never have anything to do with oil prices.
Nobody has explained how domestic oil production, or sucking in that nasty EXPENSIVE stuff from oil sands in Canada, would reduce US fuel prices by even one penney, if that.
The other great thing about drilling around all of America is that the oil will never run out. EVER.
Instead of ing, how about you go suck up all the oil still floating around the Gulf?
New resources would drive down oil prices. For the most part what keeps the oil prices going up is the opinion that they will keep going up permanently. With a large unexplored area such as the Gulf, the Pacific coming into the equation will undoubtedly knock down oil prices. It's common sense. Hopefully our new president and senate in 2012 will let the USA oil companies go hog wild.
porker Hannity "weighs" in and extends Yoni's bull logic that "they owe us"
HANNITY: There’s two things I said. I say why isn’t Iraq paying us back with oil, and paying every American family and their soldiers that lost loved ones or have injured soldiers — and why didn’t they pay for their own liberation? For the Kuwait oil minister — how short his memory is. You know, we have every right to go in there and frankly take all their oil and make them pay for the liberation, as these sheiks, etcetera etcetera, you know were living in hotels in London and New York, as Trump pointed out, and now they’re gouging us and saying ‘oh of course we can withstand [these prices].’”
http://thinkprogress.org/2011/01/14/...y-invade-iraq/
You still don't get it. Supply is not the same as production.
Adding the OPEC countries production from your linked chart adds up to about 34,000,000 bbl/day out of a total of 84,789,040 bbl/day.
Meaning, there's nearly 50,000,000 bbl/day produced by non-OPEC countries.
Russia is not an OPEC member and pretty much all oil producers support high oil/energy prices (including the US) for the same balance of trade reasons (the only exception might be China). There's also other reasons, like currency that are a factor. Most countries deal in US dollars as the oil trade currency, and the swings on the currency impact the price of energy too. A few countries (Iran, Venezuela) have actually shifted to Euros. Iraq was about to do the same when it was invaded.
The reduction of future contracts due to the world recession is what drove down prices, along with reduced production.
It also overlapped the discovery of a brand new massive well in Brazil, estimated to contain up to 15 billions barrels.
You still haven't answered, jack.
stop stealing thoughts and just admit that oil producing countries would cut their production.
oops, i almost forgot this was jack.
why wasn't Hannity asking this when W was still in office?
Hannity's a .
How old are you?
Do you remember that Iraq invaded and conquered Kuwait which started all this ?
Yeah, but daddy Bush was the smart one then... He kicked ass and pulled out...
This again? Its just wrong. There is not enough new supply to make the price drop even if we open it all up. The idea that the US is sitting on some vast supply of oil that we refuse to access is bull through and through.
So sick of the same old regurgitated bull that makes the same incorrect talking points over and over.
Remember the lefts political rhetoric back then, "USA wants to contol the oil!!!!"
Remember when the left held all those protest against the war? Good days!!!
39.
yes.
I was referencing where Hannity was asking why Iraq didn't pay for their own liberation.
selective memory?
no.
selective reading or just reading comprehension failure?
So we can pull all our troops out of the region then?
Leave no military presence or regional influence at all?
Great. Is Palin advocating that?
"USA wants to contol the oil"
Of course the Repugs and US/UK oilcos wanted the oil, (or do you dumb s still believe the Repug LIES about "democracy" in M-E?) but their hubris and imperialism got kicked in the balls.
Finally, after 100s of 1000s of dead and US/UK $Ts wasted, Iraq still did deals with Russia, France, and China just as Saddam was doing in Feb 03 to the exclusion of US/UK oilcos.
Just because the US/UK failed to control the Iraq/M-E oil doesn't mean they didn't want to. Lookup the kind of Iraqi oil contracts, abandoned by all other oil producing countries, the US/UK oilcos wanted before the Iraqi oil UNIONS stopped them.
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