I think the issue of oil effects almost everyone currently. So tracking back the issue of why oil prices are so high is something we should all have a vested interest in.
Currently, there is no shortage of oil, we are not running out, there's enough to last a few more decades yet. There is a flawed thinking within the captalist mindset that price is effected soley by supply and demand.
Unfortunatley everything is not as black and white. The price of oil being so high is not a supply and demand issue.
There is a legal loop hole in commodities that allows for oil prices to be manipulated by hedge fund investors and investment bankers to hike up oil prices. Essentially it allows these trades to operate outside your own countries regulations, which were only recently modified to counter such manipulation when they passed the 'Enron Loophole' bill.
The Enron issue was actually caused when Phil Gramm passed a bill (at the behest of Enron lobbyists) that exempted particluar energy companies from goverement trade regulation. The idea behind this was to allow them to better manage risk and bring lower prices to consumers, however in the hands of people whose only interest is profit any such noble intentions go out of the window.
So your goverment did something about it, but guess what, it's not enough. These traders and investors are still able to maniupulate the oil market through the United Kingdom and Dubai markets (refered to as Dark Markets as they are not open to transparency), including oil that is destined for the US.
By the way Dr Guy - Obama has got invovled with the oil issue, he proposed just the other week to implement a tax on any barrel of oil over the price of $80, which will be used to improve the efficencey in domestic homes, whether that turns out to be the case or not i don't know.
Anyways it's most speculators that cause the issue we are in today, not the actual people drilling and providing energy unfortunatley, that's not to say they don't make huge profits and shouldn't be taxed to high heaven, but then again thats another discussion entirely
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