Oil is a commodity, traded on commodity markets, just like grain, precious metals, fertilizers, etc. Price is not set by oil companies, Presidents, or Ab-Dullah Schmuckus aLOT. Econ 101 tells us that supply and demand set the price, but we don"t have a true economy, we have a commodity market that allows speculators to buy and sell paper, rather than allow only producers and end-users onto the trading floor. Same thing with grain- rains too much here, not enough there, market rumors, government intervention by its action or non-action....with oil, it"s a hurricane, refinery explosion, pipeline break, votes banning exploration, etc., and the end-user cost of the commodity is not reflective of producing it. Remember the critics of this war- "It"s all about oil." We haven"t commandeered any oil fields to guarantee our supply. Now it"s popular to blame ethanol for all woes, but look at worldwide crop production- US was not alone in last year"s drouth.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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