Several things of interest happened yesterday. The dollar posted the largest 2 day gain since 2005. This is good. This helps to drive speculators out of the commdities market and lets oil futures drop. Another great thing is that the Senate GOP was able to
block new higher taxes on Big Oil. This is good.Many Democrats believe that Big Oil is making obscene profits and therefore should be taxed (read punished) for this. Often times many in the Democratic camp complain that Big Oil is not doing enough to ensure America's energy independence and reliance upon foreign oil. Now the last time I looked Big Oil has been the only ones working to make sure that we have oil. In fact, Russia has just lowered their taxes on their oil companies. They apparently want to spur growth and keep profits at home. Yet the Democrats, Liberals, and Conservationists have worked to block most new oil exploration and recovery within the US. And as mentioned earlier, they want to take more of their money through taxes which will discourage growth, exploration, and will cause more American dollars to flow overseas. So much for energy independence and not relying on foreign governments. Now who are these governments that we rely on so heavily? Saudi Arabia, Iran, and Venezuela; hmmmm....That really says national security.
Sorry for rambling. I just paid $70.00 to fill up the truck and I'm not happy.
The Russian oil company Gazprom has just predicted that oil will soon reach $250 per barrel. Of course their prediction will encourage more speculation and drive prices higher which means they will make more money and higher profits since their taxes have been lowered and will then explore for more oil with the profits they get and then sell it and make even more money and son and so on and so on. WHEW!!!
© 2008 Barry T Horst
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