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Runaway inflation- your dollar purchases less gas. Ever notice lately whenever the Fed cuts interest rates, the stock market instantly goes up, and so does gold?
No monopoly has ever created more profit by producing as much as it possibly can. Profits are made by increasing demand and restricting supply in order to drive up the price. As profits are the Holy Grail of business this is perfectly natural and proper.
China and the dropping dollar are the two largest reasons for higher oil prices. It is a combination of increased world demand and the inverse relationship of the dollar/world clearing price.
Instead of drilling for more we should just set our national initiative to find a way to develop alternate renewable energy products. Germany has jumped into solar in a big way and plans to have a minimum of 20% of its electricity generated by this method by 2020. We currently have a total of 1% coming from solar, wind, and other green sources.
It's time to step up. We set an initiative in the 60s in our race to the moon, we should set a similar initiative for becoming energy independent. We shouldn't let our national security and prosperity be held to the motivations of other players such as the Middle East, China, and Russia to name a few.
We need to step beyond the influence of some of our multinational conglomerates who are fattening the pockets of the few at the expense of the many.
Bush didnt help but the problem started way before him.
1) Environmentalists who wont let us look for more fuel
2) Clinton who campaigned to OPEC that they should raise prices and lower supply
3) Congress for raising taxes
4) Federal Reserve for making cash to easy to get for to long, which lowered the value of the dollar
5) Iraq war
6) Katrina
7) OPEC of course who listened to Clinton
8) Speculators on Wal-Street
9) and finally Bush who has done nothing to fend off the high cost of oil.
You left out the key principle of economics - demand.
Bush? The Congress? Bin Laden? The mortgage meltdown?
I read today the democratic rep Dingell from Michigan wants to add another 50-cent tax to a gallon of gasoline. Surprise. Another dem approach to a problem. Tax it further.
Our society has a habit of taking two steps backwards for every one step forward in fuel efficiency technology. Most Americans today prefer to live in a gated McMansion community miles and miles from their jobs, and they prefer to make that commute in a low MPG SUV. Americans hate everything sustainable and walkable and good for the environment, and go crazy over strip malls, Wal-Marts, and 12-lane freeways for commuting from the cookie cutter suburbs.
1988: Average MPG for all cars sold - 22.8; average commute - 26 minutes
2007: Average MPG for all cars sold - 16.7; average commute - 30 minutes
The American Dream(TM) is to live in a 3500sq foot home in a gated community 60-90 miles from work. That commute is to be made in nothing less than a Hummer or Excursion.
I choose where I live because of my surroundings, schools, and HOME. I don't choose it because of the price of gas or what other people think... I drive what I drive because I enjoy driving it, I guess I could be miserable driving something I don't like or living in a place I don't love... I prefer not to be miserable... oh, it just so happens I like to drive a hybrid... and it wasn't because of gas prices... if I like to drive a gas guzzler, then so be it, but I wouldn't complain about gas prices either... I drive what I like and I live where I love to live in.. that means forget the 200 sq feet apartments and broken down houses...
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