AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
I didn't realize that the US Strategic Oil Reserves were substantial enough to effect world wide oil prices. I thought it was just for emergencies - like Katrina, or another OPEC embargo.
Regardless, you are still calling for the US government to manipulate free market prices. That still doesn't quite seem libertarian to me.
Is that simple enough for you?? Its not messing with a Free Market, it is simply creating a new market.
Anyhow, why would US oil producers be willing to accept a lower price for their oil than they could get on the world wide market? Companies are expected to try to maximize profits for share holders.
First, it's the strategic petroleum reserve. It isn't refined gas.
Second, its purpose is not to provide Americans with cheaper gas. Seriously, that's a Chavez tactic -- he subsidized gas prices for years, mostly to maintain his own political position.
Third, the US has had a ban on oil exports for 40 years. The US is now producing so much oil that Obama is considering allowing exports. And as Forbes explains, allowing the US to export oil may stabilize oil prices, because other nations will be less dependent on unstable regions for some of their oil. (Obama Takes Step Toward US Oil Exports, And Maybe New US Energy Policy For 21st Century - Forbes)
What this has to do with Q1 GDP, I have no idea. Anyway...
This is what I do not understand about a lot of people on the right side of the political spectrum.
They rail against our current economic situation but what exactly are they suggesting to fix it besides plans to put it to the people who are suffering the most and since late 2008 the result of piss-poor government, banking & housing ****-ups.
And then, there's this:
"No, it's wrong to have an abortion, which kills an innocent baby."
"What about the starving people, including women and children, who live under the overpass?"
"Not my problem nor my concern."
Last edited by jonny5; 06-27-14 at 06:41 AM.