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Reply #37: Maybe I'm just simple minded [View All]

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Home » Discuss » Topic Forums » Environment/Energy Donate to DU
pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-09-08 09:51 PM
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37. Maybe I'm just simple minded
but it seems to me that the speculators are riding this wave rather than driving it. A market consists of a willing buyer and a willing seller. As long as we, the Indians, the Chinese and sundry others are willing to take delivery of a barrel of oil at $145, that's what it's worth. The notion that a barrel of oil has some ideal value based on cost of production, flies in the face of the most sacred tenet of capitalism, markets rule. If Congress tries to fix the price, a black market will arise to circumvent the fix. Nothing short of a world quota system, with all major users and producers participating, is going to address the problem, and we'll all be ice-dancing in Hell before that happens.
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