B-maniac said: (quoted from post at 20:04:30 05/25/08) And we are talking 1976 !!! I'm sure many of you remember this. At least that's what they got up to here in MI. Had nothing to do with supply and demand and nothing to do with greedy farmers or middle men or truckers or any other working class people! Two words...COMMODITY TRADERS!!!! Still want to blame the oil companies , go ahead , they have commodity traders working for them. If it was as simple as supply and demand then every oil drilling company with rigs and men would be drilling everywhere. They were drilling all over in the '70s when oil was only bringing $30 a barrel. Now it's over $120 and no one drills??? Because THEY know it is not a supply shortage driving the price. Just like beans came back down to $22 in less than 3 mos. , they could set up all their rigs and by the time they got through the permit red tape and had all the expense tied up the bottom would fall out just like it did the bean prices after a ton of farmers went out and bought brand new tractors. The stock market and commodity traders are a part of our American free enterprise system that LEGALLY can bankrupt this country for the greed of a very few. Why isn't oil controlled the same way natural gas is?? It is not a commodity and not traded and the price cannot be raised without the OK of a commission that must first see proof of need in order to get a price hike. Natural gas is in no way linked to a barrel of crude but you can bet your @ss if it weren't for regulations they would be right up there with gas prices for one simple reason "BECAUSE THEY CAN"! It's the system that needs changed , but there are too many fat cats and wanna be fat kittens that like it the way it is for that to ever happen . They ALL have their price and they all can/will be bought!
Dunno about the lack of drilling/exploration, I live in NW South Dakota and there are oil companies crawling around here like roaches, they are everywhere with their exploration equipment, they have markers and eqipment everywhere!, The drilling rigs light up sky, I can see them all at night and Im 30 miles from the fields. All I can say is I hope like he11 some of that money helps out our little economy, including my small business!
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