January 09, 2009
Hmm
Oil falls below $40 amid severe drop-off in energy use
I thought the price of oil had nothing to do with supply and demand and evil oil companies just set their prices at will?
When you click the link, though, the headline changes to "Crude falls below $40 for first time in 2009" which, seeing as 2009 is only 9 days old, isn't really an accomplishment.
Posted by Karol at January 9, 2009 01:13 PM | TrackBackTechnorati Tags: Oil+prices
Exactly, where are all those people who were trying to stop the evil oil companies now? Sadly they will be back after a while when the countries that were hit less by this recession start to come out of it and demand goes back up. Combine that with the monetary inflation caused by us spending money that we don't have, and it is we are really going to feel it at the pump. That is when those people will come back, but this time they will ask Obama to reduce prices, as if he is some sort of king that can do anything he wants.
Posted by: Miraj Patel at January 10, 2009 12:56 PMSo much for those evil price-gougers and speculators, huh?
There's a concept foreign to liberals: that prices are determined at the margin. The reason a barrel of crude was commanding nearly $150 was because we were at the very limit of what every oil producer could pump, and global demand was ever so high. Thus every additional barrel was precious. Remember: it's not only how much you're willing and able to pay, but how much the next guy is willing and able to pay.
"60 Minutes" had some idiotic segment this weekend where someone claimed "Enron traders" are now the prized employees at commodities-trading firms. What hogwash. Enron was about accounting fraud, not "speculation."
Posted by: Perry Eidelbus at January 13, 2009 02:10 PM
