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Politics : PRESIDENT GEORGE W. BUSH
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To: American Spirit who wrote (158463)7/6/2001 10:23:41 PM
From: Brumar89  Read Replies (1) of 769667
 
Hermann Park, Rice and the Warwick are landmarks near the Med Center. Your parents live on some pretty pricy real estate, I'd say.

Despite what your mother hears from other ladies, the price of oil, natural gas, and gasoline are set by the forces of supply and demand and are not rigged by anyone in Houston. Prices go up and down. There have been 3 major price peaks over $30 per barrel since the late '70's and between each there were dips down to $15 and below.

If your folks have lived in Houston a long time, ask them if they remember 1986 when WTI was down to $12. All the oil companies and supplier companies were laying off massive numbers of employees back then. You could drive through suburbs here and see a house of two or three on each block with knee high grass and boarded up windows - people were walking away from mortgages as they'd lost jobs and had negative equity in their houses. Now you should ask yourself, if there are folks in the oil industry with the power to pump up prices at will - why do they let the price fall down to $15 and below periodically? Huh?

What is true that some folks here consider high energy prices a good thing and vice versa. For a very understandable reason - this is the energy capital of the world. High prices mean lots of jobs here, big exploration budgets, higher real estate prices, etc. And low prices mean the opposite. Lots of people in the midwest feel the same way about corn or hog prices.
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