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Politics : View from the Center and Left
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To: Bearcatbob who wrote (71700)6/12/2008 1:07:39 PM
From: Katelew  Read Replies (1) of 542149
 
I've already stated several times that I prefer the US preserve all its natural resource for the time when peak production becomes reality.

Drilling ANWR will not bring down the price of oil. Right now, supply of oil is OK and demand is falling slightly. Prices are running on a combination of speculative excess, i.e. too much money chasing a limited number of contracts each month, on top of the fact that oil probably is a finite resource.

I agree it is a multi-faceted situation that requires a multi-faceted solution. Interestingly, today Joe Lieberman announced he thinks several of the institutional players....ETFs were mentioned.....should be forced back out of the commodities arena.

I would prefer things go step by step in a judicious manner. First, reduce the amount of speculative money and see where the price settles in.

As for Clinton stopping ANWR drilling, when Reps controlled all three branches of government, why wasn't drilling instituted? Was any legislative effort made? I am ignorant on this issue.

Freeing ourselves from foreign oil.....hmmmm, on balance yes, of course it's a worthy goal. It's ironic watching US oil traders drive the price of oil ever higher to the benefit of some of our 'enemies'. OTOH, nothing defuses old hatreds between nations better than does prosperity so this flood of oil wealth to the ME could prove net beneficial.

Dubai may just be the bellweather. All eyes in the ME are on Dubai.
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