Riz Khan - Rising oil prices - 27 May 08 - Part 1

[sophiegromit]

Check out the excellent article on the viability of Solar Energy in the January 2008 issue of 'Scientific American' mag. It is a total eye opener. Basically, we have the technology to go solar and to STORE solar energy. All we would need is a section of the desert in Arizona. Check out the article for yourself!

[elijah5791]

I hate solar and wind power, primarily because the mechanisms for harnessing these types of energy are such eyesores. I recently traveled to California, and could not believe how much ranch land was being wasted by wind turbines. This is good land for farming, or ranching, or living, but instead it's being inefficiently consumed for energy.

Still, fossil fuels are not the future, unless we can find a way to manufacture them. France is right: nuclear and hydroelectric are the answer.

[djaxxx51]

You know what? I am tired of people blaming Budh for everything under the sun! OPEC Is a ruthless organization! I agree Many ocuntires wnat to bring America to Its knees and this they want, due to their desire to rule the world, as Hitler wanted! Example Chavez and the Idiot In Iran!They need ot be careful or Americas Military will hav emuch to say on the matter!You threaten our way of life and LOOK OUT,you Arab pieces of shit!

[sharekhan8]

djaxxx,

The so called american might is dissolving into oblivion as we speak,the world has changed, 100 dollars is not what it used to be. dont live in cloud cuckoo land, this is an asian century learn it and adjust accordingly

[djaxxx51]

I will never accept asian rule!

[djaxxx51]

Oil prices are RIGGED! The USA has never done enough to drill here for oil, because of the enviromentalists!

[sophiegromit]

Nonsense! Experts have been saying for years that there are very minimal oil reserves here in the U.S., compared to what exists abroad. The problem is OPEC hates Bush and America, and his inept policies (read: Iraqi invasion), and they want to 'bring America to it's knees'. Gas prices have just about quadrupled since Bush took office. The man is a DISASTER!

[elijah5791]

The U.S. gets most of it's oil from Canada and Mexico, not from OPEC. OPEC supplies oil to a world market, including Europe, Asia, Africa, etc.

What you say is false on it's face, because oil prices are up worldwide, and not just in the U.S. If the U.S. was being singled out with high prices, and the rest of the world was paying low prices, then you would have a case. As it stand, however, you do not. Sorry.

[elijah5791]

"The problem is OPEC hates Bush..." WTF?

This is most ridiculous assertion for rising petrochemical prices that could possibly be put forth, and demonstrates a gross ignorance of very basic economics. You should really learn brush up on how prices are set in a free market, because your implications are not even close to correct.

Oil prices have nothing to do with how OPEC feels about the President. OPEC cannot just set whatever price they want. The truth is far more sophisticated.

[sophiegromit]

Sometimes, truth is so evident, you miss it altogether. OPEC has been known to hold secretive meetings, and can dictate pricing policy, via the marketplace AND artificially. Of course they can raise prices for the U.S. How else can you explain such an astronomical increase just in one U.S. President's tenure??!!! Wake up!

[elijah5791]

Again, you are completely wrong. OPEC DOES NOT SET PRICES FOR OIL IN THE WORLD MARKET. In fact, prices are not "set" at all, by anyone. This is the essence of free markets: no one controls prices. That is only possible in government controlled economic systems, or monopolies. Neither of which is the case here.

The "astronomical increase" has to do with surging worldwide demand and overregulated production, plus a declining U.S. dollar.

[elijah5791]

(cont'd) The present spike in prices is not the work of sinister forces acting in secret, but rather of world markets working freely in the open. ECONOMICS 101: Prices rise when there is a supply shortage. Said another way: we are not producing enough oil to meet demand, and therefore the commodity is more valuable (read: costly, expensive.)

This is only compounded by the fact that the dollar is worth less today, so it doesn't buy as much oil as it used to. It's a double whammy for us!

[elijah5791]

(cont'd) The only ability OPEC has to affect prices is by the increase or decrease of their oil production. And, that is only because we are operating in such a tight world market, where oil inventories have razor thin margins. So, when a hurrican hits Louisiana's Gulf Coast, a war breaks out in the Middle East, OPEC does not increase oil production to match rising demand, or Congress refuses to explore U.S. resources for environmental reasons, then speculators get scared, and we all pay more.

[elijah5791]

(cont'd) Lastly, let me say that this "astronomical increase" is neither unexpected, or unpredicted. Experts have understood the stakes for decades, and have forecast dire scenarios for just as long. Every warning, however, fell on deaf ears. The Congress was too deferent to the environmental lobby, and did nothing. Bush himself warned that all this could happen early in his tenure, and tried to press Congress to overhaul our Energy Policy, but was blocked by them. This is the result.

[vahe1986]

oil prices are going up and dollar drops. Thats funny becasue all the oil trade is done trough dollar. this ass holes drop the dollar value to sell oil more expencive. People just dont know that. They are talking about soring supply but thats not true!!!!

[manwiththecalicobag]

we did what we had to ,, psychopath

[BIGMEL1981]

stop fighting the economics will be good

[poop121]

what does that mean?

[elijah5791]

It means he is an ignorant buffoon, but just had to put his two cents in. LOL.