This seems to be a season of talking about family :-) ****************** I and my dad constantly bicker. Over everything. Over the laptop, over the last peanut in the packet, over the ‘mess’ in my room, over his lack of ‘cool’ clothes, over his 35 km/h driving, over the best place on the couch. Everything. Dad clogs up the laptop with guzillion web browsers talking about the latest political scandal rocking the old country in three languages (English, Hindi, Telugu). Dad belongs to the generation that considers work as the essence of life. Well, ethics too. And also, honour. And integrity. And..well, nevermind, let me get on. Dad can be as quiet as a cat when he wishes to sneak up to you and catch your greedy hand in the ice-cream tub. He reserves all his clumsiness, breaking unbreakable plates, banging into furniture for the wee hours of the morning. Even his morning Yoga exercises cause weird noises that awaken the stray cats in our building. Dad gives 200% to anythi...
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for one, if prices were artificially inflated, shouldn't that show up in decreasing consumption? i.e oil inventories should be higher because people start buying less oil.. that doesn't seem to be happening.
also the common view among a lot of people in the 'know' (by this i mean the extremely erudite cabdrivers in singapore who advise me on everything from property investments to whether or not to support Chiru's new party)is that oil price rise is mostly due to the loss in dollar value. Simply, it just costs a lot more dollars now to buy oil.
things go bad, everyone blames wall st. things are good, everyone blames wall st. bah!
Thus, I now have to believe the other theory that says significant part of the increase can be attributed to the downturn in US economy (led by mortgage crisis) which led fed to take steps that lowered the dollar value.
I guess the democratic primary contenders contributed significantly to this theory with their objective of sounding pro-poor, they never seemed to have talked on how much (according to their theory) would the oil prices come down if those speculators can be reined in. Also, the oil producers goal is to maximize the profit from the oil, it happens at optimal price, a price higher than this would lower demand significant enough resulting in lower overall profit.