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Politics : View from the Center and Left

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To: cnyndwllr who wrote (70722)	6/4/2008 6:10:03 PM
From: Bearcatbob	Read Replies (1) of 543020

"In that "free market" the price of oil would be the cost of production plus a return on investment and as the price rose and fell more or less marginally profitable oil would come in and out of production. For as long as there existed sufficient reserves of oil to satisfy world demand that process would balance the supply to the price." The above statement clearly shows the struggle with the current reality. Your statement applies in a well supplied market. I believe we are currently in a market where price is rationing demand. For those on the other side of my argument this will be extremely difficult to accept because it would require admitting to being part of the problem. I urge you to read Matt Simmons stuff on peak oil. As for OPEC - do you think they are holding back at these prices? Do you know the North Sea and Mexico are falling. Do you know that Chavez is ruining Vz production? Do you know Russia fell recently? Many of the government owned oil companies are not sufficiently investing to maintain production. Are you aware of these facts? Oh yeah - Big Oil controls 7% of world oil. The above are true inconvenient truths that must be grasped.

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