B
Bruzilla
Guest
The thing is... oil isn't selling for $75 a barrel... oil futures are selling for $75 a barrel. Oil futures don't actually mean do-do in the real World. There's absolutely nothing stopping the price of oil from dropping to $50 or less tommorrow if the market value drops. There is no global shortage, there is no war in Iran, there are no hurricanes tearing up the gulf states. All we need is to take some actions that will cause the futures market to drop and the price of gasoline would be lower in no time.
Bush took the first step, stopping purchases for the strategic reserves, today. The next thing he should do is announce that we will begin drilling in Anwar and wherever else we can get oil from so that we can greatly reduce our need for external (re: OPEc) oil. Just that policy change alone would cause panic in the oil futures market even before the first new well is drilled.
Bush took the first step, stopping purchases for the strategic reserves, today. The next thing he should do is announce that we will begin drilling in Anwar and wherever else we can get oil from so that we can greatly reduce our need for external (re: OPEc) oil. Just that policy change alone would cause panic in the oil futures market even before the first new well is drilled.