Quote:
Originally Posted by flere-imsaho
Both of you suggest that speculation is a big part of the problem. I'm going to assume that you both agree that more drilling is unlikely to affect supply-and-demand in the short term. Further, as we've discussed elsewhere, the current runup in oil prices doesn't seem to match supply-and-demand dynamics.
So, if you want a short-term solution (and to discuss long-term solutions elsewhere) the obvious answer to me would seem to be to repeal the expansion of oil speculation passed by the GOP in 2001 (when they controlled Congress) which expanded the group of people/corporations allowed to purchase oil futures. In the intervening years, the percentage of futures owned by these "speculators" (i.e., people who do not intend to actually use the futures), has risen from 30% to 70%.
|
It's too bad that both candidates are going to be in a position to pander to Americans that just want the promise of cheaper gas prices now. There are no real short term fixes, and I don't think either candidate is bold enough to do what we really need to do to get off of foreign (or at least mideast) oil....So the world is just sentenced to do it the hard way instead.