77% Want Increased Domestic Oil...
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You can make the same stupid argument about ANY commodity. BTW, I thought your wheelhouse was Pension Fraud?CollegeDoog said:
The price of oil is set by futures trading and any increase in supply would be largely insignificant.MikeDamone said:
It would. It is somewhat inelastic, but there is still a demand curve that matters. What do you think would happen if the government Putin price a price ceiling? Shortages.CollegeDoog said:Also I lol'd @ 87% of Americans thinking increased drilling would lower energy costs for consumers.
It would also be lower if the government didn't make more off a gallon of gas than the oil company.
The Federal Reserve has more to do with the price than any other entity.
Since Obama took office US oil production has reached an all time high, and the price of oil and overall energy costs have greatly increased:
Point being Obama sucks at energy costs and global warming issues and he can suck a little less by trying to decrease US production that would really do nothing but line the pockets of the major oil manufacturers.
Finance is my #Wheelhouse.
law.cornell.edu/uscode/text/18/1954 -
I'm a young Madoff without the Jewishness.
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Collegedoog isn't an Econ major I see.
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Here's the thing, oil is a global market, so when you pump more oil out of North Dakota it goes right into the World's milkshake, and all of these little straws from China, Brazil, and Japan, etc reach out and drink it all up. So at best you're lowering the cost of a gallon by a few dimes. Not even going into how OPEC would respond to such a change in policy from Washington, but I would surmise that they would cut or plateau production to prevent a drop in prices.
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I have more Econ knowledge in my pinkie toe than you keyboard cowboys.
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It's all about the dollas. The market is at equilibrium and they're not going to produce for the sake of producing. They're gonna maximize profit.doogsinparadise said:Here's the thing, oil is a global market, so when you pump more oil out of North Dakota it goes right into the World's milkshake, and all of these little straws from China, Brazil, and Japan, etc reach out and drink it all up. So at best you're lowering the cost of a gallon by a few dimes. Not even going into how OPEC would respond to such a change in policy from Washington, but I would surmise that they would cut or plateau production to prevent a drop in prices.
In the meantime it's best to ease off reliance on fossil fuels because reserves are expected to shrink in the near future.
Econ 101 for Damone. -
More oil production = more jobs, more profits, and more tax revenues.
It also decreases the power of countries who don't like us, such as Iran, Venezuela, and Russia.
Natural gas continues to be a big story and I hope they'll start capturing it more (rather than flaring it in the Bakken when oil drilling because prices aren't high enough and they don't have the infrastructure). -
Lol. Yeah ya do.CollegeDoog said:I have more Econ knowledge in my pinkie toe than you keyboard cowboys.
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Embarrassing. You should stop.CollegeDoog said:
It's all about the dollas. The market is at equilibrium and they're not going to produce for the sake of producing. They're gonna maximize profit.doogsinparadise said:Here's the thing, oil is a global market, so when you pump more oil out of North Dakota it goes right into the World's milkshake, and all of these little straws from China, Brazil, and Japan, etc reach out and drink it all up. So at best you're lowering the cost of a gallon by a few dimes. Not even going into how OPEC would respond to such a change in policy from Washington, but I would surmise that they would cut or plateau production to prevent a drop in prices.
In the meantime it's best to ease off reliance on fossil fuels because reserves are expected to shrink in the near future.
Econ 101 for Damone. -
I like to say the market is at equilibrium right after I say increased supply hasn't caused prices to drop....that's what I like to do.CollegeDoog said:
It's all about the dollas. The market is at equilibrium and they're not going to produce for the sake of producing. They're gonna maximize profit.doogsinparadise said:Here's the thing, oil is a global market, so when you pump more oil out of North Dakota it goes right into the World's milkshake, and all of these little straws from China, Brazil, and Japan, etc reach out and drink it all up. So at best you're lowering the cost of a gallon by a few dimes. Not even going into how OPEC would respond to such a change in policy from Washington, but I would surmise that they would cut or plateau production to prevent a drop in prices.
In the meantime it's best to ease off reliance on fossil fuels because reserves are expected to shrink in the near future.
Econ 101 for Damone.
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