House passes bill to sue OPEC over oil prices

[BlueWahooChambordDevil]

http://www.ameinfo.com/156358.html
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">OPEC can't control price - Qatar
Qatar: Monday, May 12 - 2008 at 09:19
Qatar's oil minister said an emergency meeting for OPEC before September is not necessary as there is nothing it can do to reduce record oil prices, cited Reuters. The oil price hit $126 a barrel on Friday, as speculations grow that it will rise to $150, and as high as $200.</div></div>

[BlueWahooChambordDevil]

the only thing OPEC can do is agree to increase production

[sup-rbeast]

Since that's the case we should start selling our products to them for 10 times the price cuz we SPECULATE that in 30 years there will be a rarity of said product and it will be worth more money. Or maybe we SPECULATE that food will cost more 30 years from now and sell our food to them at 30 times the price cuz after all we can feed most of the world and if they don't like it they can eat sand. Or we sell arms to them at 100 time the price cuz if they don't buy em we SPECULATE that with our technology we will blow them off the face of the map. IMO we hit OPEC where it hurts them..FOOD and GUNS...there are ways to deal with rogues.

[BlueWahooChambordDevil]

the problem is that it isnt the countries that produce who are speculating as much as it is individual investors and institutional traders

but they have started to do the same thing with many of the other commodities as well which is why the price of things like wheat has gone up so much lately

[sup-rbeast]

All they have to do is flood the market with it...even though supply and demand doesn't necessiarily seem to apply to oil, when it is as plentiful as water the price would go down cuz there would be no future in investing in it. The day is comin tho...you can eat corn but ya can't drink oil. And if I'm alive when the day comes I'll not feel one bit sympathetic towards those oil producing countries that watch their people starve. I'll guarantee ya they would find some way to lower their prices if we cut off aid, food, and guns to their countries now.

[NotSoSilentBob]

Wow, thanks House of Representatives. You've guaranteed that gas will reach $5 per gallon.

Who is John Galt? [img]/LDPforum/ubbthreads/images/%%GRAEMLIN_URL%%/crazy.gif[/img]

[BlueWahooChambordDevil]

the problem is that the countries dont set prices.....the open market does

so its either worldwide regulation or prices which would mean the end of oil trading on the commodities exchange..........or the producing nations come to some agreement to increase production by _____ everytime prices increase by ______ or we have to deal with it

we hold the keys in our hand to make a major impact on the world market just by drilling what we have underneath us.........but because of our own stupidity we have nobody to blame but ourselves

[sup-rbeast]

No, we hold the keys by keeping our aid, arms food, jobs and other products at home. Not just in oil..but everything else. The founding fathers preferred isolation..and I think they were right. No treaties, no promises...we take care of ourselves and f@ck the rest of em.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: sup-rbeast</div><div class="ubbcode-body">No, we hold the keys by keeping our aid, arms food, jobs and other products at home. Not just in oil..but everything else. The founding fathers preferred isolation..and I think they were right. No treaties, no promises...we take care of ourselves and f@ck the rest of em. </div></div>
Build the fence. If the [censored] hit the fan, we don't have enough industry to put pants on the armed forces. But as long as you have special interest groups for president and vice, we will have to eat this.

[BlueWahooChambordDevil]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: sup-rbeast</div><div class="ubbcode-body">No, we hold the keys by keeping our aid, arms food, jobs and other products at home. Not just in oil..but everything else. The founding fathers preferred isolation..and I think they were right. No treaties, no promises...we take care of ourselves and f@ck the rest of em. </div></div>
you seem to having trouble understanding the way the market works

it isnt these nations that are responsible for the current price of oil

its the world market

the same world market that has alot of investors and speculators right here in this country

all these countries do is produce oil......then it gets sold on the market......our own oil companies do it

but its funny you mentioned isolation.......if we drilled what we have.......we wouldnt need to buy as much on the open market because we could produce it ourselves