Thursday October 11, 2012, 8:53 pm
Let me see, the US, actually I should say the Oil/Fossil Fuel Cartels which are receiving Billions in tax subsides even though they are make record profits, is now exporting oil, natural gas and coal around the world. Then there is the fact that Oil/Fossil Fuels are whether any one cares to admit it sold in the US at an artificially low price which can only be marginally controlled by government, any government any where. It should be noted that every time an investigation into price manipulation or out of control speculation is even hinted at the price some how miraculously drops. Fact is now matter how much you drill or where you drill the US simply does not have enough oil/fossil fuels( ~2% of the world resources) to significantly effect the price of oil by more than $ .02-.04(2-4 cents). What all of these morons love to ignore is the fact is that more and more of the world is beginning to use and abuse oil/fossil fuels at the same disproportionate per capita volumes to which America has become accustomed and the cost is going to go up and there is nothing that can be done about it. you can not fix the price unless you nationalize the industry and keep all of the US production in the US and that amount of fuels in not going to last long. The plain and simple truth is that Chu is right in that until price forces Americans to begin their Heroin like withdrawal from oil nothing is going to change. It is a direct effect of the notion of American exceptionalism that seems to give America/Americans a sense of entitlement to use more and more per capita of the worlds resources than any one else and do so on a credit based economy.