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Oil
| Tue, 01-13-2009 - 9:48am |
It was likely speculation, not supply and demand that caused the spiking of oil prices last year. Why Congress was unable to discern that during its hearings on the subject is beyond me. CBS did an extensive piece (13 1/2 minutes) on the "Sixty Minutes" program. Well worth your time to watch:
http://www.cbsnews.com/stories/2009/01/08/60minutes/main4707770.shtml?tag=topHome#
or read the article at the link above. This was tied to the collapse of the banking giants and to Enron. I guess the "drill baby drill" mantra would be inapproriate if there is no real supply & demand problem. Still, it is time to rethink what and how we use energy.
Opal


You beat me to it. I'd recorded 60 Minutes & watch it yesterday.
It's telling that the ex-Enron employees are in high demand to fill positions. The same ones that falsely created California's enormous price increases for utilities.
Once again the consumers are paying the bill for the high flying money men.