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<blockquote data-quote="The Other Side" data-source="post: 834952" data-attributes="member: 17969">BABA,&nbsp;There are NO OIL shortages, anywhere in the world. This country has a glut of oil sitting around, some is being sold to other countries. OPEC is producing at levels seen in the 70&#039;s (73% output) whereas, under bush, the claim was &quot;supply vs demand&quot; and the strory was high prices were due to the shortage of output. OPEC at the time was producing at 99.9% and said they couldnt produce another drop more.&nbsp;Today, OPEC is cutting back production to control prices. When Obama was elected, oil dropped to 35 bucks a barrel. OPEC had no choice but to cut back production to stop the freefall of oil on the market. In addition, domestic producers (OUR STUFF) cut back as well. Oil held steady for almost 2 years around the 75 buck a barrel mark until the republicans took control of congress. &nbsp;Once they took office, oil exploded! 110% increase since they took office. IS it any surprise that the oil industry broke previous profit records in the very first quarter that the republicans were in control of congress??&nbsp;Of course not.&nbsp; This is the way business is done in washington.&nbsp; The current congress WILL NOT take any action against the oil companies and they know it.&nbsp;Rape american consumers until the economy is wrecked.&nbsp; Then, they will consider giving some back.&nbsp;Is it any surprise that the oil market went on a &quot;BEAR&quot; run immediately after releasing profits for the 1st quarter?&nbsp;Within a week, oil has crashed 18 dollars a barrel, but not a penny yet at the pump.&nbsp;Its been the practice that for every dollar a barrel higher, .10 cents would be added per gallon.&nbsp;But in the reverse, its not the same formula.&nbsp;With an 18 dollar reduction in price, and using the .10 cent formula, fuel per gallon should be 2.20.&nbsp;Thats 4.00 - 1.80= 2.20&nbsp;BUT, congress will look the other way as the oil companies give us back 10 cents a gallon and tell us to shut up, because its the free market.&nbsp;Our system of oil to fuel needs to change.&nbsp; &nbsp;Peace.</blockquote>

[QUOTE="The Other Side, post: 834952, member: 17969"] BABA, There are NO OIL shortages, anywhere in the world. This country has a glut of oil sitting around, some is being sold to other countries. OPEC is producing at levels seen in the 70's (73% output) whereas, under bush, the claim was "supply vs demand" and the strory was high prices were due to the shortage of output. OPEC at the time was producing at 99.9% and said they couldnt produce another drop more. Today, OPEC is cutting back production to control prices. When Obama was elected, oil dropped to 35 bucks a barrel. OPEC had no choice but to cut back production to stop the freefall of oil on the market. In addition, domestic producers (OUR STUFF) cut back as well. Oil held steady for almost 2 years around the 75 buck a barrel mark until the republicans took control of congress. Once they took office, oil exploded! 110% increase since they took office. IS it any surprise that the oil industry broke previous profit records in the very first quarter that the republicans were in control of congress?? Of course not. This is the way business is done in washington. The current congress WILL NOT take any action against the oil companies and they know it. Rape american consumers until the economy is wrecked. Then, they will consider giving some back. Is it any surprise that the oil market went on a "BEAR" run immediately after releasing profits for the 1st quarter? Within a week, oil has crashed 18 dollars a barrel, but not a penny yet at the pump. Its been the practice that for every dollar a barrel higher, .10 cents would be added per gallon. But in the reverse, its not the same formula. With an 18 dollar reduction in price, and using the .10 cent formula, fuel per gallon should be 2.20. Thats 4.00 - 1.80= 2.20 BUT, congress will look the other way as the oil companies give us back 10 cents a gallon and tell us to shut up, because its the free market. Our system of oil to fuel needs to change. Peace. [/QUOTE]

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