Apr 26, 2008 12:19AM GMT
Question
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Politics - United States
Why are oil prices up?
Oil prices keep rising and it could be a variety of factors. Why do you think it's happening?
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Answered George W Bush wants his cronies to make out like bandits
well the oil co's profits are really the main catyalist of the hike in gas price!... Yea there are many, but the lack of regulation "like other utilitys" are mostly to blame and GW and his goons are behind that.
There is an enlightened debate between poinginant minds of both the left and right on this poll
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Answered Several factors including...
The major factor is the increased demand from China and India, two countries that are finally coming alive in the 21st century! They have a combined population which is 8 times that of the U.S. (2.4 billion people!) and the additional demand has caused oil prices to skyrocket! Add to that the fact that the very people responsible for not allowing "big oil" to develop our own resources are now conducting "investigations" to put the blame on the oil companies: Our senators and congressmen/women on both sides of the aisle are fully to blame for the problem and could at least start to remedy the problem tomorrow: just authorize the development of our own oil reserves, which would make us self-sufficient!
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fantastic oil co. graphic these are official numbers... So they are mostly un-deniable...
drilling in ANWR would "by oil. co numbers" would add 1 to 2.2 billion barrels in ten plus years...
we are having a very poingiant debate tith some great minds on this poll
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Answered Several factors including...
The fact is these oil companies want to make a big profit so they keep raising the prices because the traders keep raising the prices. The fact that here in this country we have oil that could be drilled for and we will not do it because of the enviromental issues they talk about but it is okay for others to drill for it and they are doing the same thing to the enviroment. The goverment could do something about this issue but they would rather sit on their hands and say they can do nothing. -
Answered Several factors including...
The traders, the traders, the traders - the Las Vegas gamblers of the market. They are making mega bucks and I believe the government is going to have set some controls in place. They are the reason for the rising prices. -
Answered Several factors including...
It's the commodities traders that raise the price of oil every time the wind blows. I work on an oil platform in the Gulf of Mexico. Last year a wind blew along the Texas coast. About six platforms were abandoned and power went out in Port Arthur about three hrs. The price of oil went up $2. For nothing. It's profiteering but from stock traders, not oil companies or OPEC. -
Answered The Pipeline Attack in Nigeria and a possible refinery strike in Scotland, & a possible Iranian war.
Market wisdom indicates that's the big problem-- Also, as China and India develop further, their thirst for oil is almost unquenchable. We have a limited supply of the stuff, and a constantly increasing demand.
Keep in mind that George W. Bush has absolutely nothing to do with the price of gas-- it is priced on the world commodities market which he only wishes he could control.
If you want to blame someone (and I suggest you do) please research OPEC and send a letter to your Congressman about how concerned you are that the U.S. takes orders from known Terrorist Nations. -
The weak US dollar is directly tied to oil prices. Now with the dollar valued around 77 cents, it’s understandable that there is a 23% reduction in buying power. How did this happen? Mostly from other countries, like China, buying our currencies (the trade deficit).
Our oil comes from many sources. The problem is in refining. We have not built a refinery since the late 70's. Refineries today are working around 85% capacity. Do you know what happens to equipment that gets old? Yep, it gets expensive to replace.
I was just reading about a company that was trying to build a refinery. They've been working 10 years just for the permits and still haven't got the go ahead. Refineries are not where the oil companies make their profits. The cash cow is in exploration. Maybe that’s also why they are not building more.
Ethanol is a joke. It certainly isn’t cheaper and just follows the price regular gas. Ethanol does not provide the same BTU properties as regular gas. This leads to greater consumption. It takes a gallon of fuel to make a gallon of ethanol. Where’s the sense in that?
We have the resources to drill for our own oil. Unfortunately there are too many government regulations that prevent us from doing so. It’s always the same story. They say it will take years to get out of the ground. Been saying that for many years now. Back in the mid-90’s, congress did pass legislation to drill in ANWR but Clinton vetoed it. We would not be in the mess we’re...The weak US dollar is directly tied to oil prices. Now with the dollar valued around 77 cents, it’s understandable that there is a 23% reduction in buying power. How did this happen? Mostly from other countries, like China, buying our currencies (the trade deficit).
Our oil comes from many sources. The problem is in refining. We have not built a refinery since the late 70's. Refineries today are working around 85% capacity. Do you know what happens to equipment that gets old? Yep, it gets expensive to replace.
I was just reading about a company that was trying to build a refinery. They've been working 10 years just for the permits and still haven't got the go ahead. Refineries are not where the oil companies make their profits. The cash cow is in exploration. Maybe that’s also why they are not building more.
Ethanol is a joke. It certainly isn’t cheaper and just follows the price regular gas. Ethanol does not provide the same BTU properties as regular gas. This leads to greater consumption. It takes a gallon of fuel to make a gallon of ethanol. Where’s the sense in that?
We have the resources to drill for our own oil. Unfortunately there are too many government regulations that prevent us from doing so. It’s always the same story. They say it will take years to get out of the ground. Been saying that for many years now. Back in the mid-90’s, congress did pass legislation to drill in ANWR but Clinton vetoed it. We would not be in the mess we’re in now had it passed.
Yes, we will most likely see $5 a gallon.(less)
Answered Several factors including...
It's the commodities traders that raise the price of oil every time the wind blows. I work on an oil platform in the Gulf of Mexico. Last year a wind blew along the Texas coast. About six platforms were abandoned and power went out in Port Arthur about three hrs. The price of oil went up $2. For nothing. It's profiteering but from stock traders, not oil companies or OPEC.