Thursday, June 26, 2008

Oil Prices Keep on Rising

Posted by Teresa at 5:16 PM
Ok, I need someone to help me understand something. You know how
those against oil drilling offshore keep on saying it's futile to start drilling
now because we won't see results until 10 years from now. Gov. Arnold
Schwartznegger said today, "Anyone who tells you this would bring down
gas prices anytime soon is blowing smoke." Here's what I'm having problems,
read the first line in this AP article:

NEW YORK (AP) - Oil futures shot above $140 Thursday after
OPEC's president said oil prices could rise well above $150 a
barrel this year and Libya said it may cut oil production.

It's basically saying that oil shot up to $140 after the prediction that it will go
up. That's ridiculous in itself. Then the second part also states that another
reason why it increased today because Libya may cut oil production. Obviously,
nothing is set in stone. This is what I'm having trouble with: If oil futures are
rising at the possibly of a cut in production, why wouldn't it go down immediately
as soon as we let them know we're serious about increasing production here in
the United States? It doesn't make sense to me.

Here's Gov. Palin on oil exploration on ANWR:


Damian G. on 9:45 PM, June 26, 2008 said...

In case you're interested in Palin as VP. Take it into consideration; we'd love to have you on-board! Great blog!


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