GOP blocking the Speculation bill

Dungheap said:
1) I understand and concede the point, which is why I asked what benefits there would be that are unique to the United States from an energy perspective. More oil on the market benefits all consumers of oil, not just the US.

2) It depends. Basically, you folks want to pay a "national security premium" on American oil so that American firms use it in America rather than export it. I don't see how it works otherwise. No?
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Seriously, you are more intelligent than this.

1) Say total production of US oil in the world is 10% and then the entire remaining world oil production goes to shit. Obviously that means 90% of world oil supply is FUBAR. Now... if we increase domestic oil production to where we are say (hypothetically) 30% of total oil production. THEN if the rest of the world goes to shit, it only represents 70% of total production. Can you truly not see the benefit of having control of our own oil?

3) What "national security premium". We pay market prices.... period. The more oil there is in global production the lower the market prices will be. Period.
 
yes us having control of our oil, not necessarially the same as multinational corporations having control of our oil.
 
Dungheap said:
I understand that you think we should purchase oil from a domestic source. I just don't understand what is to prevent American oil from being sold on the global market. Why should they sell it to us as opposed to the highest bidder?
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Unbelievable.... If you have 85 million barrels of oil being demanded per day.... which is going to keep the price lower....

1) Producing 84 million barrels per day

or

2) Producing 87 million barrels per day

If you produce more, worldwide prices will come down.

This is not like going into Circuit city and seeing a TV for $1000 and then going to Costco and seeing the exact same TV for $900.

Oil prices do NOT work like that. The spot price is the same (adjusted slightly for currency fluctuations) no matter where you buy it.
 
Democrats whine constantly about jobs going overseas.
700 billion dollars pays for a lot of high paying democrat type jobs.
this point is being ignored republicans are fumbling and stumbling all over this opportuninty.
 
Superfreak said:
I ask again.... what do you think is the cause of the recent $20+ drop in oil prices?
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Can we rephrase the question? How about this: What do you think caused the speculators who were long oil futures contracts to lose $20,000 per contract today?
 
I'm just pointing out that speculators lose too. It's not a one-way street.
 
Speculators should be the main ones losing, it is a game of speculation after all.
ie gambling for the most part. But I am not so sure that the market is not serving the speculators more in recent years.
It is sort of like a symbiotic relationship has evolved.
 
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