What does this mean? How can anyone sue OPEC? What legal platform and what penalties? Who's the judge? Is there any substance in this, or just windowdressing? Anyway, sounds a bit like a drug-addict trying to sue his snow-supplier for tightening supply and raising prices. Long before court is reached the addict begs for snow and for his supplier to come back, please please. Ursa..
You're a good man Pabst. However, you would have sucked as a politician.. You fight your nature which is quick and pragmatic...like a trader. Politicians/Partisans are slow, dumb, weak and dogmatic. Theyâre joiners. Theyâre parasites. Not libertarian free thinkers.
Of course...either you participate or you don't or you whine about it. Big Oil is not really the thing but Oil Sevice Shares have been.. I trade OIH, NE, RIG, TDW, DO, CAM (among many other things) almost everyday...they've been an ATM lately.
As global demand rises, and existing fields deplete, it would make sense that the people selling exploration and drilling stuff would be the biggest benefactors. It won't stop till economies contract to where demand no longer exceeds supply because the politicians lack the guts to tell people the truth or do anything about it until its too late.
Check your figures. No company on the face of the earth made $400B in profits in 2006. XOM had $36B net income in fy2006.
Reducing demand won't work. Oil companies and countries would just reduce output to keep supply & demand in balance.
Naaaa, they need revenue. It wasn't so long ago that oil was $10/barrel. If they had kept supply limited it would never have gone that low.
My bad, the fat finger strikes again. Other than that, I still stick with the premise of my original post.
Since congress is in a panic over $3.00 regular, just how high would you make that tax? I actually agree that, economically, it makes sense. Real world, it will never happen, and if it did, don;t count on them using that extra money to pay off the deficit. Not when they can spend it instead. All those Z visa holders' poor relatives are going to need a lot of taking care of. I think a far simpler solution would be to steal Iraq's oil and use it instead. It really wouldn't be stealing, since they owe us big time. When we drain that, we can go to Saudi Arabia. They have enough to last a couple hundred years. Problem solved.