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There can be an argument made that prices are looked at with some psychology. But, if the offshore moratorium was lifted, prices would crash since the shorts would be looking to make a killing.
I find it interesting that Skippy ignored oil prices until after he declared he was running for re-election.
On the other hand, he was quoted during the 2008 campaign that he thought it would be a good thing for coal production to get so expensive we'd move away from it. Why wouldn't he think the same of oil?
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Quote:
Originally Posted by summers73
There can be an argument made that prices are looked at with some psychology. But, if the offshore moratorium was lifted, prices would crash since the shorts would be looking to make a killing.
Domestic oil production is at its highest level since 2003. What excuse do you have for gas prices peaking in 2008? Was there a moratorium then?
I find it interesting that Skippy ignored oil prices until after he declared he was running for re-election.
On the other hand, he was quoted during the 2008 campaign that he thought it would be a good thing for coal production to get so expensive we'd move away from it. Why wouldn't he think the same of oil?
Why just last month Bernanke said rising oil prices didn't matter.
I wonder what changed all their minds.
"temporary" and "modest increase" was what he said.
Fed Chief Discusses Exit From Stimulus - WSJ.com
"Mr. Bernanke tried to allay concerns about recent increases in commodities prices. Though gasoline prices are rising, he said, they appear unlikely to feed through to a broader bout of inflation. They are most likely to result in "at most, a temporary and relatively modest increase" in higher prices for U.S. consumers, he said."
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