They had been focusing on Oil Companies, OPEC and now are focusing on the evil Investors and Speculators... What will it take for them to realize that all they need to do is, um, LOOK IN THE MIRROR! Will it be hearing # 73972 to figure it out?
Mr Yergin says that it would be easier if there was one reason that it was going up... How about just finding a solution that will lower prices? Drill for more. Increase the supply the price will go down. How about we try to solve our own problems by *gasp* using our historically impressive American Ingenuity to drill for more oil. What is wrong with opening up every kind of energy, not just waiting for all the green technologies to become more main stream and begging OPEC to produce more.
If we want to remain the strongest/best/most advanced country in the world, we need to get off our butts and do what we need to do to become energy independent - whether it means drilling anywhere and everywhere, using wind, solar, coal, shale...We have the options...We have the resources - WE SHOULD USE THEM! Congress needs to get out of the way and let us progress!
Congress Looks for a Culprit for Rising Oil PricesSphere: Related Content
By JAD MOUAWAD
Published: June 25, 2008
A pre-eminent energy expert is to testify on Wednesday before lawmakers that the suspicion that investors are a large cause for skyrocketing oil prices is misguided.
On Wednesday lawmakers will hold their 40th hearing so far this year on the cause of high oil prices. Filing bills on Capitol Hill to combat the problem is becoming a cottage industry, with clever names like the Prevent Unfair Manipulation of Prices Act, or PUMP Act, and the No Excuses Energy Act.
Until recently, lawmakers had focused on the traditional suspects: oil companies and the Organization of the Petroleum Exporting Countries. But increasingly, they are casting a suspicious eye on the role of investors, including speculators, in driving up prices.
As the ninth hearing of the month gets under way on Wednesday, one of the nation’s best-known energy experts, Daniel Yergin, is expected to tell Congress that the focus on speculation is largely misguided.
Mr. Yergin will join numerous other energy experts who have declared that the rise in oil prices can be explained by basic economic factors, such as the limited growth in supplies in recent years, a weakening dollar, a global surge in energy demand and a string of production disruptions in countries like Nigeria.
“When an issue is this hot, it would be so much easier if there was a single reason to blame,” Mr. Yergin said in an interview on Tuesday, previewing his testimony before Congress.
“The oil shock is real and is about the hottest political issue right now,” he said. “So Congress feels the pressure to do something but there is not much it can do to promote peace in Nigeria or to get the value of the dollar to go up.” Full Article(emphasis mine)
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