View Poll Results: Why are oil prices so high right now?

Voters
16. You may not vote on this poll
  • OPEC is not increasing production to meet demand

    1 6.25%
  • Obama has banned oil drilling and exploration in key areas for seven years

    1 6.25%
  • It is an extremely cold winter and worldwide demand is higher than usual

    1 6.25%
  • We are still recovering from the Deep Water Horizon rig explosion

    1 6.25%
  • Currency values are dropping relative to commodities due to loose monetary policy

    3 18.75%
  • A combination (explain)

    9 56.25%
  • Who cares? I drive a Volt, heat my house with wood, and use only recycled paper based products.

    0 0%
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Thread: Why are oil prices so high right now?

  1. #11
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    Re: Why are oil prices so high right now?

    Quote Originally Posted by friday View Post
    Oil is up in the $90-$95 range per barrel and it is causing winter time record gas prices. Opec has announced that they are not increasing production because they believe $100 is a far price. Obama has just instituted a seven year ban on offshore oil drilling in large areas of the gulf of Mexico. We are experiencing record conditions this winter. The oil industry is recovering from the Deep Water Horizon rig explosion and the six month moratorium on drilling and exploration. And the value of the dollar and European currencies is dropping relative to commodity prices due to loose monetary policy, deficit spending, and money printing. So which is most to blame for the oil prices being so high?
    That's what happens when you auction off a product because it should be available to everyone worldwide regardless of production - when quantities are limited and when much of that comes from countries who don't have the greater good in focus.
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  2. #12
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    Re: Why are oil prices so high right now?

    Quote Originally Posted by EnigmaO01 View Post
    100 percent speculation just like the last time prices spiked. Anyone that uses the supply and demand excuse is very naive or just plain ignorant.
    Damn those evil capitalists pigs to hell!!! You go comrade!!!!
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  3. #13
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    Re: Why are oil prices so high right now?

    Quote Originally Posted by SirPwn4lot View Post
    There are too many factors to narrow it down to just one, but a major one would be, at least over here, the near-monopoly of a few multinationals controlling the distribution of petrol. So would be the terrible perspectives of Western society in the middle east as a result of the perceived aggression of the US and its allies. So would be the dwindling supply: oil is a non-renewable resource that's running out, while demand increases.

    Offshore oil drilling is near insignificant in the grand scheme of things. The US simply requires too much oil. I don't know why people list issues as "Obama did this... Obama did that", he can do very little without the support of Congress/the rest of the government. Then again, this is your country not mine, so point out if I'm wrong on this.
    There are some here who naively believe that off-shore drilling is the answer to oil independence.
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  4. #14
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    Re: Why are oil prices so high right now?

    Quote Originally Posted by friday View Post
    Do you think that the seven year ban, which will limit future supply, might be one of the factors driving speculators to inflate the price?
    Doubtful. The amount of oil that is potentially being limited is miniscule compared to the global oil supply. Furthermore, once we start talking more than about 10 years out (or possibly even 7 under optimistic conditions), all bets are off regarding our energy needs. It seems likely to me that solar energy will become cost-competitive with oil toward the end of this decade, and once that happens the price of oil will begin to fall.

    While speculators may be able to profit if oil prices continue to increase for a few more years, buying and holding oil for long-term speculation seems like a bad idea.
    Last edited by Kandahar; 01-01-11 at 04:01 PM.
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  5. #15
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    Re: Why are oil prices so high right now?

    Quote Originally Posted by Dutch View Post
    Damn those evil capitalists pigs to hell!!! You go comrade!!!!
    Is this a random comment, or did you just not at all understand what you quoted?
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

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  6. #16
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    Re: Why are oil prices so high right now?

    Part of the explanation in US dollar terms is the depreciation of the US dollar. For many currencies, there has not been a significant rise in the price of crude oil...
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