Quote:
Originally Posted by Valiant
This is what happens when the market does not control the price anymore..
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This is the most ignorant thing that I have ever read here at the planet.
Free markets are controled by the LAW of Supply and the LAW of demand.
These are mathematical functional relationships similar to the LAW of gravity.
The only thing that is debatable is whether or not the oil markets are "free" or not. Certainly we are not dealing with a free market in this situation, because if we were, the congress would not be impeding suppliers from gathering supply to meet the demand. Further, on the supply side, we have a well established oil cartel that is seeking to maximize their profits by controling the supply to an optimal point for them irrespective of the demand, the price of which is certainly above what it would be in a free market.
On the demand side of this, is the slope of the demand curve. For this particular commodity, we have extremely inelastic demand curve. In other words, for each percent increase in the price of the commodity, the percent decrease in demand is much less than 1 %. It takes time to change vehicles, organize car pools, decide to walk or ride a bicycle.
The marketplace is doing exactly what it should be doing. It is turning up the heat on the joke ass candidates for President. It is screaming out loudly to them, "What kind of leadership will you show in this area?"
The answer so far is, " I won't drill in Anwar it is as precious as the Grand Canyon and we must save it for our grandchildren"; Or the more draconian and stupid of the two, "We must punish the suppliers for doing their jobs and take their money."
Either way, this is not leadership. Add to that, we have doddering lame Duck POTUS who has obviously quit giving 2 rats asses about doing his job, once again, lack of leadership.
So far McCain is at least for more Nuclear power, which, if we are going to run electric cars and trains, we will need the megawattage to do it. This needs to be done yesterday.
Go on, go head and have the audacity to hope and see what it gets you.