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Romney 48, Obama 42; Santorum 46, Obama 45.

Contrary to popular belief, the US president does not set the price of oil - if he did, you can be sure we wouldn't be having such upward fluctauations so close to a presidential election.

The prices is set by oil traders at Mercantile Exchanges in New York, London and Dubai. In a perfect world one would assume that world prices are the result of market forces determining by the supply and demand of oil.

The author, however, suggects that world prices are increasingly detatched from economic fundamentals and fuelled by greed, speculation and an obligarchy of oil corporations.


And if you take away the ability to provide more oil through exploration, deny infrastructure for timely delivery, lock up federal lands so they cannot be explored, and threaten and demonize oil companies as a matter of policy---what do you suppose happens to oil supply and what can speculators expect from oil prices?

They will go up and they will speculate in such a way that ensures they do so.

The current administration has policies in place that impact the availability of oil. To suggest that this has no effect on the supply of gasoline is kind of rediculous.
 
And if you take away the ability to provide more oil through exploration, deny infrastructure for timely delivery, lock up federal lands so they cannot be explored, and threaten and demonize oil companies as a matter of policy---what do you suppose happens to oil supply and what can speculators expect from oil prices?

They will go up and they will speculate in such a way that ensures they do so.

The current administration has policies in place that impact the availability of oil. To suggest that this has no effect on the supply of gasoline is kind of rediculous.

To suggest that it has anything but an infinitesimal effect on prices -- particularly in the short run -- is simply ignorant.
 
Even though the Republicans continue on in a heated race, the public is now starting to become accustomed to them. Familiarity with these folks is not a good thing for an incumbent. Angry issues in March matter little in November; otherwise, Hillary would have ruined Obama's chances in 2008.

This election will eventually get to the REAL economy that people feel, Obamacare, drilling for oil, unemployment, gas prices, and Obama's approval rating among independents in the fall. Most voters won't vote based on the stock market or some made-up birth control issue designed to draw attention away from real issues at hand.
 
To suggest that it has anything but an infinitesimal effect on prices -- particularly in the short run -- is simply ignorant.

seems to me left wingers are in a bit of a bind on this one. they insist that speculators drive up the price of oil, but then are reduced to arguing that given the probability of increased future production, the same speculators will not drive prices down.
 
seems to me left wingers are in a bit of a bind on this one. they insist that speculators drive up the price of oil, but then are reduced to arguing that given the probability of increased future production, the same speculators will not drive prices down.

You would have a point, but for the fact that future demand is still likely to outstrip future production.
 
Looks like we're in good shape.
 
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