M
Masseur_at_Play
Guest
In Yahoo! Answers I asked the question of, "How long do you think the oil price run ups will last?"
This was the best answer to my question that I recieved and it is a bit shocking but hits home in a big way:
Edison Member since:
May 18, 2007
"The high price of oil has nothing to do with the Arabs. The Bush Administration let go a loop hole in the law that formerly prohibited commodities brokers from dealing in oil.
So these Americans moved their operations to England and bought oil. They created a new demand for oil and as a result, the price went up. They made money and they bought more and the price have kept going up.
They don't care what they do to the economy, they are getting rich.
The loophole is the same one that permitted Mr. Bush's friends at Enron to make billions with power bids in California.
This insanity will only end if congress takes action. They are talking about it now, but that is only talk.
The level of production increase by the Saudis and by Iraq and other members of OPEC will only produce more profits from the commodities traders.
When congress acts and puts an end to this loophole in the law that prohibits this kind of transaction, oil prices will fall by half. When that will be is anybody's guess. We all hope, the world hopes it is sometime soon. The blame for this lies with the Bush administration.
Mr. Bush and Mr. Cheney are both "oilmen" and their friends are getting filthy rich."
---------------------------------
I guess now we know why windfall profits on oil and oil speculation have been dropped!!!
--------------------------------------
Anyway, what is your take on all of this?also what should be done about it?
This was the best answer to my question that I recieved and it is a bit shocking but hits home in a big way:
Edison Member since:
May 18, 2007
"The high price of oil has nothing to do with the Arabs. The Bush Administration let go a loop hole in the law that formerly prohibited commodities brokers from dealing in oil.
So these Americans moved their operations to England and bought oil. They created a new demand for oil and as a result, the price went up. They made money and they bought more and the price have kept going up.
They don't care what they do to the economy, they are getting rich.
The loophole is the same one that permitted Mr. Bush's friends at Enron to make billions with power bids in California.
This insanity will only end if congress takes action. They are talking about it now, but that is only talk.
The level of production increase by the Saudis and by Iraq and other members of OPEC will only produce more profits from the commodities traders.
When congress acts and puts an end to this loophole in the law that prohibits this kind of transaction, oil prices will fall by half. When that will be is anybody's guess. We all hope, the world hopes it is sometime soon. The blame for this lies with the Bush administration.
Mr. Bush and Mr. Cheney are both "oilmen" and their friends are getting filthy rich."
---------------------------------
I guess now we know why windfall profits on oil and oil speculation have been dropped!!!
--------------------------------------
Anyway, what is your take on all of this?also what should be done about it?