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Originally Posted by aceventura3
The US military policy of preemptive war in Iraq added a premium to the price of oil, how much?
The US policy against certain types of domestic drilling has added a premium to the price of oil, how much?
US deficit spending has artificially increased the demand for oil and has added a premium to the price of oil, how much?
Etc.
Etc.
Etc.
Again I say our policies add about 50%, what do you say since you clearly think I am wrong?
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dc_dux has already spoken a bit to this point.
The Iraq war has an impact on oil prices, but not anything near 50%, and the policies you mention would have such a minimal impact when compared to the activities of the rest of the world. I'm sorry, but you aren't convincing me on this angle. Do you have any figures on U.S. oil production, or imports/exports, you would like to focus on compared to global numbers?
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Originally Posted by aceventura3
We are the largest consumers of oil. It is even worse if you factor in the use of oil used in products imported to the US.
I would bet NASCAR is responsible for the consumption of more oil than some small developing third world countries.
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This is what I'm getting at. But demand won't spike in the US like it will in China and India. Demand for oil in the US will continue to rise, but it will look like a plateau compared to these other two highly populated countries.
Saudi Arabia is a huge factor, since they produce so much oil to begin with. There are other major players as well, and this is even before we consider the U.S. Why do you think the U.S. has such a huge impact on prices when you take all of this into consideration? The U.S. economy is huge, but it isn't that huge, and they aren't even close to being the largest producers of oil.