You mean..*shock*..it's all about supply?!?!

Anonymous Guest's picture
Submitted by Anonymous Guest on Wed, 2008-06-18 04:37

President Bush has urged congress to allow offshore oil exploration.

Like so much of his Presidency, Bush is to be applauded for realising that high oil prices are all about supply and has nothing to do with speculators or wars or nostradamus or anything else.

The demand for oil has increased in the last two or three years yet supply has been restricted by socialist environmentalists and 'wet' politicians who seem to think there is only a teaspoon full of the stuff left so we had better conserve it.

I personally doubt America has extracted more than about 10% of its oil in the last 150 years so the more taps which can be turned on, the better!

One distasteful, if rather predictable, paragraph in the news item was "...Democrats, as well as some Republican senators from coastal states, have opposed lifting the drilling prohibitions, fearful that energy development could harm tourism and raise the risk of oil spills on beaches.." Puzzled

Oh please, gosh...let's rephrase that "..Democrats, as well as some Republican Senators from states which have buses, have opposed people getting out of bed in the morning in case they are hit by a bus during the course of the day, fearful these rampant "Killer Buses" could harm tourism..."

So yes, let's get drilling to increase supply and bring down prices.

As I am fond of reminding people, 2008 is reminicent of 1980 with high oil prices, high gold and silver prices, the Olympic Games held in a Communist country, Iran/Iraq war (yes, that is what the current situation in Iraq amounts to), housing markets going tits up, economic uncertainty, an elderly Presidential candidate, a New Zealand Prime Minister out of control and starting to lose touch with reality, high interest rates and so on...

Fast forward to, say, 1986 and oil and gold were worth so little you were hard pushed to even give the stuff away...and I suspect history will repeat on that front, too.


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