Friday, June 20, 2008
Support Offshore Oil Drilling? You Might Be An Idiot!
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.