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Oil, Gas Economics
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Posted by Easy on September 01, 2005 at 02:34:13 from (198.208.159.14):
Maybe I am off base, but I see a lot of posts on the fuel price that don't make sense to me. I think the following is true: 1) There is record demand for oil. Developing countries need it and are bidding for it now. Reference the Chinese company that tried to buy Unocal, an American oil company.
2) Production of oil has a hard time keeping ahead of demand. So prices go up.
3) Unfortunately, oil reserves are frequently in countries that are unstable, or downright hostile to us.
4) Alaskan oil production is only a small fraction of our needs. And it is now an old field, not producing what it once did.
5) ANWAR estimates of production is very limited too. At best a couple of percent of our demand. And due to the climate, expensive to get out.
6) Bush does not control the price of oil.
7) Neither does any other one entity.
8) If oil remains this high or goes higher, we will certaintly have some economic adjustment. Recession, Depression, depends on what your personal situation is.
9) We should all be thankful of our problems. At least we aren't in New Orleans.
Easy.
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