Are oil futures over-valued?

[Achilles]

Originally Posted by mur'phon

Just curious, how is Bush suposed to lower the price?

Since he has no control over supply or demand, I imagine very little.

[mur'phon]

It was a retorical question

[Jae Onasi]

Kids and I were OK. The police officer let us know she was very pleased we'd all been wearing seatbelts and daughter had been in her car seat.

We could try marching on OPEC (which would probably get us arrested in any of the Middle East countries) or Wall Street (which would be pretty useless), or we could do something like elect people here at home who support a better energy policy, which includes, like it or not, building some more refineries, decreasing our demand by increasing development of renewable resources and looking at biofuels (among many other things), and going to more fuel efficient energy use. Since we'll likely have to get another vehicle ourselves, we'll probably be looking at something smaller and with much better gas mileage. My one choice alone won't do very much at all. However, if everyone makes wiser choices in energy consumption, we'll have an impact on the market.

[Achilles]

Originally Posted by Jae Onasi

Kids and I were OK. The police officer let us know she was very pleased we'd all been wearing seatbelts and daughter had been in her car seat.

Glad to hear that no one was hurt
Kids pretty shaken up?

Originally Posted by Jae Onasi

We could try marching on OPEC (which would probably get us arrested in any of the Middle East countries) or Wall Street (which would be pretty useless), or we could do something like elect people here at home who support a better energy policy,

I agree.

Originally Posted by Jae Onasi

which includes, like it or not, building some more refineries,

I don't think this will happen. Refinieres cost a lot to build and with supply diminishing, there is no incentive to invest in new infrastructure.

Originally Posted by Jae Onasi

decreasing our demand by increasing development of renewable resources

Agreed.

Originally Posted by Jae Onasi

and looking at biofuels (among many other things),

Biofuels just aren't efficient.

Originally Posted by Jae Onasi

Since we'll likely have to get another vehicle ourselves, we'll probably be looking at something smaller and with much better gas mileage. My one choice alone won't do very much at all. However, if everyone makes wiser choices in energy consumption, we'll have an impact on the market.

Good luck with the car shopping. I imagine the dealers are going to be very happy to see a customer right now

[tk102]

Originally Posted by Totenkopf

While it might make Oberman's day (as well as many others), it's well known fact that Bush is on his way out and thus has much less leverage than the next president would have. Still, given that oil is an international market, just how does one propose that an American president force the world market to heel?

By invading Iran?

You know that's his solution.

Imagine a single Exxon oil tanker bombed in the Strait of Hormuz. The evidence shows the ties to Iran. With the rhetoric already in place of Iran being a destabilizing force in the region and a threat to Israel, this proves the last straw. The U.S. bombs Iran. War ensues. Oil jumps to $250/barrel and gas prices double. How far-fetched is that?

[Litofsky]

Originally Posted by tk102

By invading Iran?

You know that's his solution.

Imagine a single Exxon oil tanker bombed in the Strait of Hormuz. The evidence shows the ties to Iran. With the rhetoric already in place of Iran being a destabilizing force in the region and a threat to Israel, this proves the last straw. The U.S. bombs Iran. War ensues. Oil jumps to $250/barrel and gas prices double. How far-fetched is that?

Very likely, in my opinion. It's likely that something of that nature will happen in the not-so-far-off future.

[Rev7]

Originally Posted by Jae Onasi

Kids and I were OK. The police officer let us know she was very pleased we'd all been wearing seatbelts and daughter had been in her car seat.

It is good to hear that everything is okay. Seatbelts were made for a reason...

Originally Posted by tk102

By invading Iran?

You know that's his solution.

Imagine a single Exxon oil tanker bombed in the Strait of Hormuz. The evidence shows the ties to Iran. With the rhetoric already in place of Iran being a destabilizing force in the region and a threat to Israel, this proves the last straw. The U.S. bombs Iran. War ensues. Oil jumps to $250/barrel and gas prices double. How far-fetched is that?

I certainly hope that it doesn't come to that.