Jun 24 2008
Quote of the Day
“There is no mystery behind the rise in oil prices. They rose too high too fast because of booming demand for oil for petrochemical products, electric power and shipping from many emerging economies (particularly China, India and the Middle East). Meanwhile, the supply of oil slipped in the US, Mexico, Venezuela, Nigeria, and Russia.
But now JPMorgan analysts estimate that oil will drop to $85 a barrel from 2009 to 2011. Even Goldman Sachs analyst Arjun Murti, who recently guessed oil might reach $200, later told Barron’s that oil will likely drop to $75 or less in the long run.
The urge to blame speculators is as big a waste of time as blaming oil companies. Americans want more oil and gas - not more hot air from politicians.”
From Scapegoating the Speculators by the CATO Institute’s Alan Reynolds.
No related posts.
The Dems say “we can’t drill our way out of this”. Well we surely can’t conserve our way out, we can’t invent alternative fuels our way out, and we surely can’t afford to do nothing. Even if we could magically invent an alternative source of energy, do they think we are all going to park our vehicles and go buy new ones? What about airplanes, trains, semis, plastics, rubber, lawn mowers, tractors, etc….
Why can’t we drill everywhere, offer tax incentives for alternative fuel use, tax incentives for solar and wind use, and cut the gas tax (every little bit helps when people are living pay check to pay check - besides that it is my money to begin with). Right now now the market is squeezing all the inefficiencies out of it and far as conservation, people will do that by necessity rather than choice because of affordability.
I think we ought to impeach Pelosi and Reid for their inability to legislate, lead, and treasonous acts.