US Treasury chief: no 'quick fix' on oil -- Economy, Business a...

U.S. Treasury Secretary Henry Paulson said Sunday that there was no quick fix to high oil prices, which he called an issue of supply and demand.

[wrecksracer]

Now that the oil companies know that they can get away with reaping huge profits at the expense of the people, why would they ever lower the price again? Compettition? Right.....they're all working together to keep the price high. We can drill in as many wildlife preserves and build as many refineries as we want to. The current price of oil is here to stay.

[Otto Kerner]

Hey; I have an idea!! Why doesn't the U.S. Congress pass a law to jack the hell out out the price of gas and then piss the money away on useless earmark projects?

[James]

How many times do we have to hear this crap "supply and demand" ? Why doesn't the U.S. government admit that they're being bribed from the oil companies. They are the ones killed the production of the electric cars, knowing that if people started buying electric cars, the oil companies will not make profits.

[nick]

We need to start drilling in America and sever ties with the Arabs and Middle East.

[nick]

wrecksracer wrote:

Now that the oil companies know that they can get away with reaping huge profits at the expense of the people, why would they ever lower the price again? Compettition? Right.....they're all working together to keep the price high. We can drill in as many wildlife preserves and build as many refineries as we want to. The current price of oil is here to stay.

WRONG.. WRONG.. WRONG. It is driven by use in India and China where they're paying about 12 cents a gallon..

So basically it is running out.

We need to drill here.

It takes 3 to 5 years to see oil from drilling.

It absolutely will go down if we drill.

[jackl]

I continue to be puzzled at the "reporting" that repeats the 76 thousand barrels a day reduction in Strategic Petroleum Reserve purchases, but calls the 300 thousand barrels per day increase in Arab oil after the President's visit as "no response".

[Jose]

Even if they drill new wells, why would gas companies lower prices?
We buy gas at $4 a gallon the same as $2 a gallon, why would they do this.

Also, saying India and China's demand is the cause for causing this issue: Did they all out and get cars or something during the last 6 months?

No matter what, we are all screwed paying $4 a gallon and its going to higher, not lower. They could find new wells where they pump out more oil than the mideast, build new refineries also, the price will NOT go down.

[AEM]

More BS from the goverment !!! Drill here, put that on a ballot and see if the American People want drilling here! Take the oil from Iraq, what's there bill from the freedom we are giving them ? We have lost a great many young Americans freeing Iraq, time for them to pay up ! STOP THE RECORD PROFITS THESE OIL COMPANIES ARE MAKING !!!!! WINDFALL TAX THEM !

[Rhonin]

It's called "The big lie". The more they say it the more you are supposed to believe it. For the people who want to drill within our parks? Do you really believe that would bring down the price of fuel? It doesn't matter that the oil reserves in this country BELONG TO US. The oil companies have OUR politians in their pockets.

[James]

Rhonin wrote:

It's called "The big lie". The more they say it the more you are supposed to believe it. For the people who want to drill within our parks? Do you really believe that would bring down the price of fuel? It doesn't matter that the oil reserves in this country BELONG TO US. The oil companies have OUR politians in their pockets.

I agree with you, same thing with the universal healthcare system, private healthcare companies have bought our politicians and claiming that it will cost too much money, in fact it will cost less than what they are spending right now. Look at countries that have universal health care such as Germany, Canada, and Japan. And don't give me crap that people die while waiting in universal health care system, more people die without it.

[wrecksracer]

nick wrote:

<quoted text> WRONG.. WRONG.. WRONG. It is driven by use in India and China where they're paying about 12 cents a gallon..
So basically it is running out.
We need to drill here.
It takes 3 to 5 years to see oil from drilling.
It absolutely will go down if we drill.

So you're saying that if we increase production in the United States (which will take years), the oil companies will voluntarily lower their prices? Make me laugh. We will never see prices under 3.99 again. These aren't reasonable people who voluntarily follow competitive pricing. They are working together to keep the price high. They are trying to make it seem like their record profits are an unfortunate byproduct of supply and demand. That's a good one!

[John J Coughlin]

What are you people talking about? Don't you understand that the U.S. Government is trying to raise the price of gas not lower it?

"NEW YORK (Fortune)-- An influential coalition of Fortune 500 companies and environmental groups that was formed to support climate-change legislation has splintered over the Lieberman-Warner bill that is headed next week to the Senate floor."

"Besides that, a backdrop of rising gasoline prices and the sluggish economy makes it difficult to win votes for a regulatory scheme that will raise the prices of electricity and gasoline."

"In the long run, you want people who burn carbon to pay more,"

"There is absolutely a majority of support for a cap-and-trade bill in the U.S. Senate," says..."

It won't pass right now because of the election but it will pass next year unless YOU throw all the incumbants out of office this November.

http://money.cnn.com/2008/05/30/news/economy/...

[Cheap-shot]

I have a new idea!! How about you lazy S.O.B's start walking or biking.
I use my little 4 cyl pickup for work only, after that it's all on bike or foot. I just bought grocerie racks for my bike which work great.
Times are changing so adapt and have some guts to make changes to your life styles instead
of complaining about it.

[Cheap-shot]

nick wrote:

We need to start drilling in America and sever ties with the Arabs and Middle East.

Oh wise one, please tell us where to start drilling.

[Rationing Anyone]

I'm a little surprised the topic of rationing has not come up. It seems the most inefficient manner of moving goods (semis) burn the majority of the gasoline. In addition they also destroy our roads causing our taxes to go up to repave these roads. Why don't we look to alternative methods to move these goods (waterways, railroads)? In addition, these methods can haul goods in larger quantities and are much more efficient. We should also drop any tax incentives given to the oil companies as these companies do not need any financial help.

[Globalist Agenda]

Skeletor couldn't quick fix a toaster. He could provide financing for alternative energy sources and protection for inventors and entrepreneurs who wish to end Oil hegemony. However Skeletor bows down to Uncle Rothschild. And we all know his politics.

[Gordon]

The "quick fix" was a decade ago when Democrats stopped the drilling for oil in the Arctic. That oil would have come on line 3 years ago and lessened our dependence on Mideastern oil. Thanks also to Bill Clinton for vetoing the bill passed by Republicans in the 90s that would have allowed oil in the Anwar reserve. Democrats want to know who the enemies are in the oil crisis? Look in the mirror.

[Jose]

Gordon wrote:

The "quick fix" was a decade ago when Democrats stopped the drilling for oil in the Arctic. That oil would have come on line 3 years ago and lessened our dependence on Mideastern oil. Thanks also to Bill Clinton for vetoing the bill passed by Republicans in the 90s that would have allowed oil in the Anwar reserve. Democrats want to know who the enemies are in the oil crisis? Look in the mirror.

To be honest Gordon, I don't think it would have changed prices one bit. The gas giants are milking us for everything we got.

[Thomas]

Jose wrote:

Even if they drill new wells, why would gas companies lower prices?
We buy gas at $4 a gallon the same as $2 a gallon, why would they do this.
Also, saying India and China's demand is the cause for causing this issue: Did they all out and get cars or something during the last 6 months?
No matter what, we are all screwed paying $4 a gallon and its going to higher, not lower. They could find new wells where they pump out more oil than the mideast, build new refineries also, the price will NOT go down.

I agree the Supply and Demand argument is absolute BS. Global demand didn't go up 210% in the last six months. Global demand is not pushing up gas prices 5 cents a day. Last keep hearing the same ole non sense from the oil companies as they reap billions and billions in profit.

[All ours]

There are 21 posts here yet none recognise that the US government has trashed the dollar which in turn means we can no longer buy the fruit of our labour with it.

We can't buy oil , food, other basic commodities, or now even cheap Chinese manufactures at anything other than upwardly spiralling prices because our currency has devalued beyond the limits of sustaining us. We have consumed it, borrowed past the hilt against it, bubbled with it, and are now even swapping our banks trash "asset" securities for it in order to bail out Wall Street.

Our corrupt reserve board governors and treasury officials have been traitors to our national interest for decades. They were appointed by the likes of the Clinton and Bush administrations that were smitten by power, empire and the grubby money politics of our day.