G8 Urged to Act Over Oil Prices

G8 Urged to Act Over Oil Prices

news.bbc.co.uk

Japan and the US have pledged to call for "swift action" on surging oil and food prices at next week's G8 summit.

Japan's Prime Minister Yasuo Fukuda said action was needed as the problems were "having a negative impact on the world economy".

(visit the link for the full news article)


Related News Links:
www.reuters.com
news.yahoo.com
www.alertnet.org

Gee, I'd say there a little late for that!

All these politicians are going to do is squabble for a day or two (or however long the G8 lasts) and in the end, there probably won't be anything helpful done to get the price of gas to start lowering instead of rising.

And of course Bush "misspeaks"

US president George Bush also blamed oil prices for the US economy "not growing as robustly as we would like".

"Not Growing as robustly as we would like"?

I don't see any growth AT ALL in my area! All I see is businesses closing, and hearing people talking about how there's no work to be found or hardly any work at all.

I don't know what part of the US he's talking about, but there surely not any growth where I live, just the opposite!

And then he's always got to push his oil agenda!

"We have got a problem when it comes to reliance upon foreign sources of oil. For seven years I've been trying to get the Congress to explore for oil domestically," he said.

While I have no problem with allowing the opening of new areas to oil exploration, it won't bring the price of oil down!

Until the dollar is worth something again and speculating on oil is stopped, the market will keep the price of oil drilled from these new areas the same as imported oil.

We'll see what they come up with, I hope they come up with the RIGHT answers, but I doubt it!

news.bbc.co.uk
(visit the link for the full news article)

Originally posted by Keyhole
Until the dollar is worth something again and speculating on oil is stopped, the market will keep the price of oil drilled from these new areas the same as imported oil.

Thankyou, at least someone understands why the Oil is so high.

It has next to NOTHING to do with supply and demand. The investors are investing in the value of the barrel, which means, the more people wanting to buy into oil the higher the value.
The higher the value, the less the economy can afford it.
The less the economy can afford it, the more investors pull out of the economy and invest in oil.

Rinse and repeat.

The only thing supply and demand has to do with anything is the wait times, and how eager the investors are to put that little bit extra cash into oil investments.

The US could have all the oil in the world stacked in barrels sitting in warehouses... it's not going to bring the value down.