Where is the blame on the oil companies, producers and employees for flooding the market and then complaining they've overshot the demand and prices are down? Are consumers supposed to pay extra to keep them in hog heaven producing to their hearts' content? Should we all build oil storage tanks in our back yards to store crude, buy it at high prices and store it so the companies can keep overproducing? I mean... should we purposely drive our cars hard so we get worse gas mileage, not to mention wear them out quicker and keep the mechanics in more work, and the dealerships in a glut by replacing what we wear out faster than we should? All in the name of stimulating oil or whatever other industry?
Or should we use our monetary savings from lower gas prices to spend in other areas, buying more electronics from our retailers, investing in our own retirements, starting more businesses, hiring more employees, etc.?
The money I'm NOT spending on gas is not simply going into my fireplace, folks... I'm sure those oilfield guys would have put it to good use, but I think other people in the economy (like FBT) are happy I have a little extra to spend with them.
The current over production is from OPEC. We beat our chests saying we have more oil than the middle east which is correct.
They responded with opening up the tap.More oil, same demand = lower prices, and putting Americans out of work.
Ostupid just released Iran so they can put their oil on the open market further driving down the price of oil and related businesses that I addressed in another thread.