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Originally Posted by secondcurve
LIforrelaxin:
You are dead wrong. I listened to a Democratic Congressman make the same arguments on CNBC today. You are both incorrect. The spike in oil has absolutely nothing to do with Wall Street. The reason for the incredible rise of oil prices is due to a couple of countries called China and India and their Billions of citizens which are now demanding the same lifestyle that you and I have enjoyed for years, a big part of which is powered by oil. I think in the not too distant future we will all look fondly on the days of $95.00 oil.
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I understand how China and India have effected the oil market very well. And I know that because of them oil prices will become higher..... but the way the market is swinging is not because of higher demand else where. If the price swings where driven by demand we would steadily increases. But when they swing 30 dollars in couple of months.... something is rotten in denmark. The truth is They where expecting a Hurricane disaster to run the price up this fall and they didn't get it... therefore they have created a false swing in the market.... the change in demand in the last couple of months has not been enough of a factor to cause the drastic rise in the price of oil that we are seeing.....Plain and simple what is going on here is that they are trying to make oil expensive enough, to force goverments to open up more land to oil production that has been closed off for enviornmental concerns...... This is all very much Political and Wall Street caused.....
Do I agree that India and China are having an effect yes.... but not as drastic as people think in imediate concerns. We are now at the point where we are going to pay for an energy source that we have taken for granted. Hopefully the economy will make it through this stormy weather. But right now it doesn't look promising.............
But hey that is my opinion.... and we just need to agree to disagree because there are valid points to both arguements....And I see both sides....and have formed my opinion