Treasury Secretary Paulson: Don't Blame Dollar Weakness for Oil Price Rise - Page 2

galenrox · 07-14-08, 01:57 PM

Quote:

Originally Posted by obvious Child

Horse crap.

India and China haven't increased their consumption anywhere near to cause that.

India Oil - consumption - Economy
Real Instituto Elcano

India used 2,130,000 barrels per day in 2004 and 2,438,000 in 2008. Hardly enough to cause global prices to rise to what they did. In 2004 China used around 6 million barrels per day and is now at 6,930,000 per day.

Hardly enough to cause the price to double. Saudi Arabia has enough spare to meet that now.

Over the last decade the Chinese oil consumption has increased from 19.5 billion cubic meters to 67.3 billion cubic meters, and you've provided no argument as to why those numbers specifically would not lead to a doubling in price. Now I'm not saying you're necessarily wrong, you very well may be correct, but if you're stating an argument, it's usually beneficial to state an argument.

Doc Howl · 07-14-08, 02:42 PM

Quote:

Originally Posted by donsutherland1

Today, U.S. Treasury Secretary Henry Paulson argued that the weaker U.S. dollar should not be blamed for rapidly rising oil prices. Reuters reported:

Of course, he's also the retard that decided to bail out the mortgage companies, so I take what he has to say with a grain of salt.

obvious Child · 07-14-08, 07:00 PM

Quote:

Originally Posted by galenrox

Over the last decade the Chinese oil consumption has increased from 19.5 billion cubic meters to 67.3 billion cubic meters, and you've provided no argument as to why those numbers specifically would not lead to a doubling in price.

Dude. I provided the 2004 to 2008 numbers. Oil prices have doubled in that time. China and India haven't come close to even adding 25% more consumption to their annual usage in that time. There is no way that they could be accountable for the vast rise.

Quote:

Now I'm not saying you're necessarily wrong, you very well may be correct, but if you're stating an argument, it's usually beneficial to state an argument.

I expected the numbers to do the talking for me. It's pretty damn clear that consumption from the two rising powers ain't the problem.

It's the damn dollar that's the problem.

obvious Child · 07-14-08, 07:04 PM

Quote:

Originally Posted by American

Increasing oil production and refining capacity domestically should reduce the price of refined products. Well then, if Big Oil is so big, how come they don't drill wherethehellever they want?

Possibly. It depends on the product and if it's widely traded on global commodity exchanges. Probably niche products that have small demand could be reduced, especially if shipping was really expensive. But products like diesel and gasoline along with jet fuel probably won't change a bit, especially since any added production in the US would be minuscule. If a mom and pop store adds 500 heads of lettuce to their local grocery, they can't expect to reduce prices globally, especially when firms like Costco, Walmart, Tesco and Carrefour are the dominant players.

And Big oil doesn't drill everywhere. Why? CvB.