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as the bush administration tries to lie it's way out of the facts concerning the reasons why oil has reached record setting prices, there are some that are simply refusing to buy that the reason is simply supply and demand. here's a bit of the article:
Sen. Byron Dorgan of North Dakota, one of the Democrats sponsoring the bill, said the quickest way to lower prices at the pump is to stop speculators from driving up the price of a barrel of oil.
"First things first. If you are running a race with hurdles, jump the first hurdle first," Dorgan told reporters Monday. "The reason we have oil at $130, $140, $145 a barrel -- like a roman candle going up, up, up -- is because we have excessive, relentless speculation in these markets.
"Nothing in supply and demand in the last year justifies the price of oil."
and more from house speaker pelosi:
House Speaker Nancy Pelosi, D-California, said last week that she continues to oppose expanding offshore drilling ban and would not schedule a vote to lift the ban.
"The impression that the White House has given you is that if you could drill in these protected areas, the price of gasoline will come down," Pelosi told CNN's Wolf Blitzer. "Even the president in his press conference the other day acknowledged that was not the case."
Pelosi said more drilling would take a decade to have an impact on gas prices, and she argued that a faster way to lower gas prices would be to release oil from the 700 million-barrel Strategic Petroleum Reserve.
Bush has opposed the move, saying oil in the reserve should only be released for national emergencies.
read the rest at:
https://www.cnn.com/2008/POLITICS/07/22/congress.oil.speculators/index.html
Sen. Byron Dorgan of North Dakota, one of the Democrats sponsoring the bill, said the quickest way to lower prices at the pump is to stop speculators from driving up the price of a barrel of oil.
"First things first. If you are running a race with hurdles, jump the first hurdle first," Dorgan told reporters Monday. "The reason we have oil at $130, $140, $145 a barrel -- like a roman candle going up, up, up -- is because we have excessive, relentless speculation in these markets.
"Nothing in supply and demand in the last year justifies the price of oil."
and more from house speaker pelosi:
House Speaker Nancy Pelosi, D-California, said last week that she continues to oppose expanding offshore drilling ban and would not schedule a vote to lift the ban.
"The impression that the White House has given you is that if you could drill in these protected areas, the price of gasoline will come down," Pelosi told CNN's Wolf Blitzer. "Even the president in his press conference the other day acknowledged that was not the case."
Pelosi said more drilling would take a decade to have an impact on gas prices, and she argued that a faster way to lower gas prices would be to release oil from the 700 million-barrel Strategic Petroleum Reserve.
Bush has opposed the move, saying oil in the reserve should only be released for national emergencies.
read the rest at:
https://www.cnn.com/2008/POLITICS/07/22/congress.oil.speculators/index.html
Can't we just get back to our toys?
