Cobra Owners: think about this when you Fill up this weekend!

[Bob In Ct]

Oil, like every other commodity in the world, is sold to the highest bidder. Even if we found huge amount of oil in Long Island Sound or in the middle of Arizona it would be sold to the highest bidder. It's no different than corn, iron ore, or bauxite. It's a free market! The god dammed Arabs are not obliged to sell us their oil at below market prices. The market price is the market price. If we, as a nation, want lower energy prices we should think about using less, something Washington rarely thinks about. We were warned 40 years ago that the good times could not last forever and they haven't.

Bob

[Fitz]

Another Cobra Obama supporter. They simply don't go together. Lost. What can I say; you still can come over to the "right side of thinking" OH well, happy Ground Hog Day!

[Bxx1]

And don't forget the Cheney 'secret' energy policy meeting he had with oil executives a few years back. It looks like his policy is working to full effect! Yea, government works very well for corporations.

[Mulv]

Fitz, your meds have stopped working again, only 11% of the oil consumed in the US comes from the Middle East. More comes from Mexico, Canada , Venezuela and domestic production... The Wall Street speculators have driven up the price somewhat like Enron screwed California for electricity, we are being screwed at the pump. My race gas supplier sells 110 for the same price as last year - still think it is OPEC?
The ultimate responsibility rests upon the Federal Government for allowing this to happen no doubt by "lobbyists" and "Supporters". There is no supply shortage, I can buy as much gasoline as I want. Remember 1973 and even/odd days? That was a supply problem....

[Mulv]

Sebring is on the point - and a faster typist than I am!

[emberglo66]

In just 2 years. Remember the election in 2006?
Thought you might like to read the following:
A little over one year ago:

1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) The unemployment rate was 4.5%.

Since voting in a Democratic Congress in 2006 we have seen:

1) Consumer confidence plummet;
2) The cost of regular gasoline soar to over $3.50 a gallon;
3) Unemployment is up to 5% (a 10% increase);
4) American households have seen $2.3 trillion in equity value evaporate (stock and mutual fund losses);
5) Americans have seen their home equity drop by $1.2 trillion dollars;
6) 1% of American homes are in foreclosure.

America voted for change in 2006, and we got it!

[86Sebring]

"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."
read here:
http://www.marketwatch.com/news/stor...%7D&dist=msr_3

[jhv48]

Originally Posted by 86Sebring

"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."
read here:
http://www.marketwatch.com/news/stor...%7D&dist=msr_3

So was the housing market and look what happened to the price of homes when that bubble burst. All commodities have a some sort of boom and bust life cycle. I think oil is very close to bust!

[Mulv]

I am a little surprised that almost no responder seems to be aware of the over supply of oil in the US due to decreased demand. Supply problems cause you not to be able to buy as much of a product as you want regardless of cost. Like the 1973 oil embargo by opec. You could not buy as much as you wanted in the US at any price at that time, period. If it is not speculation by the greedy few, then why has Canada's gas price increased as well, they are a huge producer and supply 17% of US needs and have abundant oil for domestic uses. Their taxes have not been increased, before someone jumps that way. . It is because of speculation , pure and simple that this is happening. Not "refinary" - refinery by the way, capacity.

Gas prices have dropped about 4% in Phoenix this week which coincides with the drop in crude futures on the speculation market. Everyone in California knows about Enron, same thing different energy here. A free market in commodities is not a very good idea at all, witness the collapse of our economy as it is happening before your eyes. As stated above, the total mismanagement by the current government, on both sides, has caused this problem. They have significantly blundered at every turn since taking office and I doubt that there is one employed person on this forum who thinks their life is better now than it was in 2000, or that their prospects are as bright...

[NC427SC]

Provided we have so much available and untapped, I am thinking it may be a good idea to let OPEC and others sale their oil first. Strategic reserve.