Monday, June 09, 2008

Europe Too?

It seems that oil and gas prices are not just American problems. It seems that Europe is also having its share of difficulties.

It's even causing problems for France's military.

My only comment is this. I guess those American gas and oil companies need to quit gouging the Europeans of their hard-earned money.

It's not an American problem, but a world-wide problem that will only be broken when OPEC's stranglehold is broken. Supposedly OPEC is far from monolithic, but it seems that they are co-operating quite well in keeping prices up.

We'll have to see what the Saudi Kingdom has in mind about easing the problem (if that is indeed what they plan.)


Blogger Gayle said...

It's a worldwide problem, Shoprat, and if Israel does strike Iran it's only going to get a lot worse.

I'm still behind Israel, regardless.

10:20 AM  
Blogger Tim said...

I think a lot of what is going on is speculators buying oil futures and the weak dollar. Bush has undermined our currency with his reckless borrow and spend policies. Remember when the republicans used to be the party of fiscal conservatism? The quagmire with no end in Iraq is not helping either.
Gayle, if Israel does strike Iran, I hope that you are behind them when gas hits $20 a gallon, because Iran could really disrupt oil shipments by attacking tankers in the Persian Gulf, and if they engaged us directly in Iraq. Then what do we do? Nuke the whole region?
That comment by a member of Israels govt. was the stupidist thing that he could say! That and that fool who shot his mouth off about oil hitting $150 a barrel by July 4th. That would really put a crimp on the fireworks and Bar B Q.

We are heading towards a depression if we continue to let this country keep going down the toilet with this stupid war, foreclosure crisis, shipping our jobs overseas, and exponential federal spending with no tax increase to pay for it.

I saw a sign that said:
" people fought and died to build this country and the politicians are just giving it away"

I could not agree more.

7:29 PM  
Blogger Crazy Politico said...

Speculators and putting their money where there is money to be made, that's what they do. They see a world with a 2% cushion between production and use, and realize that any up spike in use means higher profits, as do down spikes in production.

Considering US output is going down, since we can't explore here, and other world output is stagnant, prices are going up.

The two ways to bring them down are reduce demand, or increase supply. The US congress will do nothing to increase supply, except try and sue OPEC for not producing more, though higher prices are reducing use somewhat.

BTW, Tim, blame Congress for the wreckless fiscal policies, they, not the President, produce the budget. He gives them his "wish list" which they are free to ignore when they produce the actual budget. Notice it's been no closer, actually farther, from balanced since Congress switched hands.

11:35 PM  
Blogger Tim said...

CP- You make me laugh! This man never used his veto when the republican congress was busy enriching themselves and their donors (remember the 1/2 billion dollar bridge to nowhere?). Now that his side is not in power, he has found religion on fiscal spending ( at the expense of "the troops" whom all of you neocons make such a too-do about supporting except when they come home shot up and need medical care or college benefits).

I guess that you forgot about the balanced budgets of a decade ago.

8:45 AM  
Blogger Tom said...

Guess the EU needs to haul in the oil executives to Brussels and give them heck (yeah, right...)

2:34 PM  

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