reply to post by Stormdancer777
Donwhite posted "But $400 oil? Never."
thanks again Don, yes, I doubt people with means will ever do without
Because oil is so important to our economy, you'd think the US Government would have an agency dedicated to the PETROLEUM issue. What most of us lack
is FACTS about oil.
Sort of like the population clocks they sponsor, to let us know how many of us have to divide the bounty of this planet. Generally that means the more
there are the less you get. Unless you are an R&F-er - Rich and Famous - in which case your share is as much as you want.
Sources of our oil. Where does the oil we consume come from? We ought know.
Refiners. I am under the belief 2-3 million barrels a day (mbd) of finished product - gasoline to you and me - is imported. (Ever notice the richer
you get the less you like to speak English?) We are told there is a short-fall in domestic capacity. Why is that?
We hear the usual litany about TOO many rules and etc. This is not Auschwitz, so what’s wrong with rules about what a super rich corporation puts
into our air? Or our ground water?
Pricing? If all the gas companies are in collusion about pricing, where are the ANTI-TRUST legal beagles? If there was 100 viable oil companies in
America in 1950, why are se sitting here with only FOUR? I mean companies of consequence.
The BIG 4? ExxonMobil, TexacoChevron, Shell and BP Amoco. You may buy your gasoline from a station bearing another name but the gasoline you put in
your car came from one of the four BIG companies. They get theirs no matter what you do. CITGO is owned by Venezuela. Like him or not, Hugo Chavez is
more like you and me than the CEOs of the Big 3.
For more (2005) facts about oil than you may want to know, go to
I noticed that you endorsed Seagull’s reliance on Supply and Demand. Adam Smith (1703-1790) is given credit for being the first to link the two
conditions of commerce. His seminal work, “An Inquiry into the Nature and Causes of the Wealth of Nations”
was published in 1776.
Its title is frequently shortened to Wealth of Nations
Modern capitalism was just coming into its own. It being then the Age of the Enlightenment, people back debated the intricacies of their acts and
deeds. Smith was first to explain what it was they were doing so well without knowing its name. Laissez-faire
capitalism. We had to reign it
in - 1933 - but it never gives up the struggle. It is about to break loose of all restraints. Right now I'd say the unrestrained capitalists are
ahead. That bodes ill for us.
For the law of supply and demand to work, there must be NO artificial constraints on either. I would argue that never was the case, but I can assure
you that it is not the case in the world of 2008. So, to “rely” on some NATURAL law to get us out of the abyss we have fallen into, is to put
your hopes falsely. You lose before you start if you play a game but do not know the REAL rules.
[edit on 4/29/2008 by donwhite]