Quote:
Originally Posted by Socks
I know enough (nothing) to know that there isn't one thing that's causing these prices. It's a whole whack of things coming together at the same time.
- US Dollar value
- Speculation
- Worldwide demand
- Fear
- Corporate interests
- Government interests
- Iraq war
- Instability
- Possible war with Iran on the horizon (notice how quickly bush moved to erase sanctions against North Korea yesterday, and moved to get them off the terrorist country list? Kinda strange, no?)
- Gloomy economy, US recession, home foreclosures, banks hurting
- Rich getting richer
- Peak oil possibility
- Global warming / Natural disasters increasing
- Etc.
- Etc.
Changing one thing isn't going to provide a miracle.
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According to many experts reregulating the commodities market will reduce the price of oil by $50-$80 per barrel. US experts believe that the real value per barrel should be between $40-$60 per barrel and OPEC believes it should be around $80 per barrel. The difference is primarily due to speculators...at least according to testimony before a congressional hearing.