Fascism.

[stillbjorn]

Fascism is a word that is regularly bandied about in the more feverish corners of American political debate. The word has devolved into a general epithet which carries no meaning other than "any political opinion with which the speaker does not agree." This is unfortunate, as Fascism does have a genuine definition, and today I have the pleasure of

Comments

[pensivegargoyle]

That there's good old-fashioned corruption, not fascism. As for the drilling issue, I don't why it's such a big deal. Oil companies already had rights to drill on a whole lot of land and ocean floor they hadn't yet exercised. Even if they had the desire and capacity to explore everywhere it would be at least ten years before any oil wells go into production and therefore ten years before it has any effect on the price of oil. US oil production peaked in the early 1970s and there's good reason why that rate of production won't be seen again regardless of where oil companies can drill. Combine that with declining production in many other places and the rise of India and China's middle class, and there will not likely be cheap oil to be had again anytime soon.

[stillbjorn]

That is 100% party line bullshit dude. That lets government off the hook. Production peaked in the 70's because production was outlawed.
Only those who are economically illiterate (or think that they are talking to someone who is economically illiterate) thinks that a lift on the ban wouldn't effect the price for 10 years. It would effect the positions of speculators and investers instantly.

And what Pelosi is doing is more than corruption, because she is not the only one in on it. She's just the only one thats been caught. This is a conspiracy between industry and government. Thats what Mussolini and Hitler set up back in the dizzle. Government guaranteeing the profitability of a firm or firms.

[pensivegargoyle]

The amount speculators can affect prices is limited given that oil is a physical commodity - someone eventually has to take delivery on that x-million barrel contract they bought. Supply and demand have to meet or someone is stuck with a whole bunch of extra oil on their hands. What does get priced in is the risk of shortage today. Things that may cause a shortage or surplus much farther in the future also affect the price, but at a high discount. Let's say that a decision on drilling today means a 10% difference in the amount of oil available in ten years. That doesn't have nearly the same effect on the market as 10% of current production becoming unavailable now because of a hurricane.

There is a long delay between exploration and actual production. Take the example of the Hibernia field off Newfoundland. Exploration started there in the 1960s, construction of a platform didn't start until 1990 and that almost didn't finish because it looked like a stupid idea at 1990s oil prices and it only started producing in 1997. Offshore oil

[stillbjorn]

Its easier than "No Oil."