Street Speculator

As you are well aware, President Bush lifted a previous ban on offshore drilling. The purpose behind such action, I imagine is to reduce U.S. gas prices by using more domestically produced oil.    

Ask yourself these question as we are all potential economists here:

Will this really help drive down oil prices? (Before answering remember, that oil is a publicly traded commodity)

If China, India, and Taiwan ask Exxon is they could purchase their DOMESTICALLY PRODUCED OIL, will Exxon say “no” because they are saving it all for safety and welfare of the U.S. citizens?

If on the public markets oil trades at $135/barrel consistently, will Conoco, Exxon, Shell, etc… sell the product to U.S. citizens for a cheaper price, because they feel our pain at the pump?

The answer is NO!!!!!!!!!

Don’t be fooled by the political pandering. Any publicly traded commodity, whether oil, cocoa, gold, natural gas, wheat, will sell at a price determined by the “investor speculators” in these products.

The media has attempted to make these guys the scapegoats for the high oil prices–

But, these speculators are no different than the speculators (You Included) who invest their money in Mutual Funds, Stocks, Real Estate, and even Education. You go in with the attitude that you will receive some return on the investment. If such is the mindset, YOU MY FRIEND ARE A SPECULATOR!!!!!
& there is nothing wrong with that.