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First of all, I seriously doubt if the Saudi's can raise output. I
strongly suspect they are at full production now.
As to filling up the reserves, Bush is hell bent to keep the reserves
up rather than use them for a short term solution to high prices. (A
solution which would do little to help the price problem anyway).
Ira's post offers some sobering thoughts but what would happen if oil
came down? What if it came down to $80? And if we stopped promoting
the insane idea of bio fuels driving up food prices? If grain came
down 50% and meat 30%? Then what would the consumer situation look
like? Science fiction? I don't think so. I think the whole ethanol
craze is being seen for just what it is, crazy. A fuel that costs
more to make, pollutes worse than fossil fuels, and drives food
through the roof is certainly not the answer. Atomic energy and
hydrogen fuel cells are where I'm putting my energy dollars from this
point forward. Solar and wind will be minor players, especially for
home use but they do little or nothing for transportation and large,
commercial purposes.
So, a lot of the problems can be solved by simply forgetting about
ethanol and I feel there is a large amount of speculation in oil
now. We moved from 100 to 125 in days but demand most certainly
didn't increase by 25% in days. Who knows, maybe things will work
out after all.
Bob
At 01:46 PM 5/17/2008, you wrote:
>And strangly Mr.Bush justifies Saudi for not raising oil outputs,not
>only that he was not in a favour of stopping filling oil reserve
>near Gulf of Mexico...very strange attitude and this has been
>discussed among all leading newpapers round the world.
>--- In realtraders@xxxxxxxxxxxxxxx, "Ira" <mr.ira@xxx> wrote:
> >
> > It is time to take a good look at where we are at this time. In
>the first quarter of this year more than 158,000 families lost their
>homes to foreclosure. The American public is going deeper in debt
>every day. In a society where 70% of the economy is driven by
>consumer spending, inflation and debt are economy killers. Millions
>of people have homes that are worth less than the mortgage amount on
>their home. When they look at the economics of the situation will
>they pay the inflated mortgage payments or walk away from the
>house? Family homes were the main source of their wealth and now
>with that gone they have no place to go for that extra money they
>need to pay the ever-increasing cost of living. Duke Power said
>that they are cutting off utilities to 50 people a day because of
>unpaid utility bills. Whether the government wants to admit it or
>not we are in a recession. We are also in an inflationary spiral
>that won't quit. The government is pumping liquidity into the
>system at an alarming rate to save the financial institutions that
>created a large portion of the problem.
> >
> >
> >
> > The balance of the article is on the web site if you are
>interested.
> >
> >
> >
> > Just one man's opinion.
> >
> > Ira
> > www.delta100.com
> >
> > No virus found in this outgoing message
> > Checked by PC Tools AntiVirus (4.0.0.26 - 10.072.012).
> > http://www.pctools.com/free-antivirus/
> >
>
>
>
>------------------------------------
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