Big Oil called to the Principles Office!

Posted: May 12, 2011 in Money
Tags: , ,

 

I was trying to figure out what I wanted to write about tonight, and was kind of blank. Untill I saw this story on CNN Money. Congress and their wisdom brought “Big Oil” in to explain high gas prices, of course they hit back about the Dems want to cut their government funding(which to me is not a bad idea). People do not buy into it is the oil company’s fault, sure they have some influence on prices, but Congress should be call the Fed into explain how their policy of pumping U.S. dollars into the economy is the real reason why the price at the pump you pay is so high. You see the only way you can buy barrels of oil through OPEC is with our dollar, you can’t buy it in any other currency. So if the Fed pumps money into the system what happen? The value of the dollar falls, and when that happens guess what IT TAKES MORE DOLLARS to buy that same barrel of oil. Just last week the media was happy that the price of oil fell, it was all going to be better, well that’s because if you looked the dollar gain value, buts oops the next day the reverse happened. So stop blaming Big Oil yes they make a lot of money, but they will sell their oil at the market price, as you would, I don’t care what they make and neither should you, but what we should be upset with is the Fed, and the President who can’t seem to understand why gas is so much, when his administration won’t allow us to drill but gives Brazil the go ahead in our waters, does that make sence?

Link to story

Ivan

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Comments
  1. kip says:

    The Obama Administration has issued more deep-oil drilling permits in the last two months than was ever issued in such a time period.
    Big Oil was their with their hands out, begging the Senate to not take away their subsidies. Sure, the price of gas came up, but the main thrust of the bill was debt reduction.

    • ivan7945 says:

      Kip, you really don’t think that they would use that money for the debt do you? I think they should not get the subsides, but i think that congress will find some other way of spending that money, if the bill even passes which most likely it won’t. Also I see that Obama did not issue a permit until last February, and 3 in March and now it looks like 14 in total have been approved. It has been over a year since the spill, and it will take sometime for the Gulf to get back up to full production. I hope this is a sign that we will be able to drill for more oil here.

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