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Politics : Formerly About Advanced Micro Devices
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To: michael97123 who wrote (389138)6/6/2008 11:21:53 AM
From: Road Walker  Read Replies (1) of 1574601
 
anybody on the thread have an idea how to prevent oil prices from causing a catastrophe in the US in the short term? On LI in NY they are already warning homeowners that each fillup on oil heat will be $1500 cash on the barrelhead. 300 gallons at $5 which is where its heading. Conservation is one way but is not enuff, nor it can be. Getting opec help is not going to happen. Perhaps given that speculators may be driving this latest surge in price, do we open up strategic reserves? Can that have an effect. Economy already in growth recession. I am always the optimist and i am getting worried as hell. The worries alone will make growth recession into severe on by election time.

You should be worried. If there were a major disruption, right now, we would all be in a world of hurt.

The only way I know to effect the price is to enact a long term energy conservation policy that is set in cement for at least the next 10 years. Incentives for efficient energy use and disincentives for inefficient use. It has to have teeth and allow confident individual and company long term investment decisions.

That would not affect the short term supply/demand, but would take out a lot of the longer term risk premium.
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