Bush wants to lift the ban on offshore oil drilling, as do most idiots, but the high oil prices aren't being caused by oil shortages. The Saudis promise to increase production only caused oil to fall $4.75 a barrel, still over $131.00 a barrel.No, at the risk of sounding like a freaking broken record, the three main causes of rising oil prices are:
1. Speculators driving up the price of oil. Sell that Hummer and invest whatever meager price you get for it and invest it in investment banks, hedge funds, institutional investors and others.
2.The weak dollar is also behind the rise in oil prices. Since the dollar is worth less (almost worthless), it takes more of them to buy the same amount of oil as it used to.
3. Oil jumped over $10 on Friday to over $139 a barrel, partly on US dollar weakness and rising tension between Israel and Iran. Just for insight, Israel is planning to attack Iran, while Iran has made no such threat.
Like Iraq was for the benefit of Big Oil, this new Bush plan will only benefit the Big Oil companies. Because if you think that oil companies will sell the oil they drill offshore at anything less than market price, than you don't know free markets and how big corporations worship at the altar of them. This won't help out the average American motorist at all, only, once again, major contributors to the Bush legacy.
4 comments:
American idiocracy, indeed. Good post, Lew!
I saw that same survey (from the same rightwingtard blog). I just can't believe that -- 75% of the American public actually thinks offshore drilling will help?? And more than half want to drill in ANWR. WTF???
Clearly, our education standards have plummeted. There are just too many gullible dimwitted people walking around.
SNAVE:Thanks!
Tom: Of course when polls reflect views antithetical to his own (such as the majority of people opposing military action against Iran, or think Bush is doing a terrible job), you never hear about that.
Here's a better idea.
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