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Politics : View from the Center and Left

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To: Bearcatbob who wrote (72787)	6/18/2008 6:04:04 AM
From: Cogito	Read Replies (2) of 542147

>>Chinese consumption is not an issue. It is all speculation. Actually from a political point of view the notion of it being speculation is essential - or - the politicians would have to accept some blame. Hence - speculation is the main cause.<< Bob - I suppose you say this because I, among others, have suggested that speculation plays a role in the price of crude oil, and is partly responsible for the current high prices. I don't think anyone has said that speculation is the only cause. In any case, I'll put the question to you that I just put to WF. What have the US oil companies been doing to increase domestic crude production? Have they just been sitting on the leases they have for the past several years because market prices weren't high enough to make developing them profitable? I'm asking because I'm curious. - Allen

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