Quote:
Originally Posted by ottopottomouse
Because the US isn't the world and the rest of us use the other 80%
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Quote:
Originally Posted by TheDoc
Word wide demand, America is just one part of the pie of many slices, and speculation across all markets.
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Don't give me any bullshit about "world markets". Why is oil the only resource who's price is decided by "world demand"? Do we sell coal, natural gas, and timber by "worldwide supply and demand"? No, of course not. What the fuck does oil from Canada and sold in the US have to do with OPEC?
The top three oil producers - in order - are... Russia, Saudi Arabia, and in third the United States. So why does OPEC decide the worldwide price of oil? Canada is the largest importer of oil to the US - do you think Canada wants to sell it's oil to China, or the US? Clearly it's going to be cheaper for them to sell to the US because it's costly for them to ship oil half way around the world.
OPEC can bring us to our knees instantly - they've done it before. In 1973 they did an oil embargo because of US support for Israel during the the Yom Kippur war. You don't think they can do it again?