AClayton said: "And yet,some still believe in supply and demand..... I don't get it man!"
Supply & Demand still rules. The problem here is that a cartel artificially controls the supply. No speculator worth his salt would bid up the price if they knew there was a good chance the spigot would be opened and they be stuck paying big bucks for (and/or actually having to take delivery of) a commodity now selling for peanuts. They know that chance doesn't currently exist, hence the runaway inflation of the price.
The solution is to drill (Anwar, Bakken, offshore) and put in place the infrastructure (pipelines, refineries) to glut the market with supply when things get out of whack (like now).
If that capability existed, there wouldn't be speculators bidding up the price for fear of getting caught on the wrong side of the pricing pendulum.
The problem lies with those in Congress who are more interested in acquiring power than serving the people. Global warming is caused by the sun. See Mars, Jupiter, etc where temperature increases mirroring those on earth have been recorded. My diesel pickup (or yours) had nothing do with Mars warming up!
If the oil companies were told they could start drilling tomorrow, the price would start coming down today.
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