Thursday, March 22, 2012

Proof President Obama Doesn't Control Oil Prices

Image Credit: New York Times and Energy Information
This chart shows how US gas prices closely follow trends in Germany, France and Britain.  Oil prices are set by global demand, cost of production and speculation by wall street.  No amount of Drill Baby Drill will change the price of US oil, unless we nationalize all the US oil companies.  No one wants to nationalize oil companies. 
As a country we have a choice, invest heavily in green renewable energy sources, or continue to pay higher and higher prices for oil.  The republicans oppose green renewable energy projects.  Every dollar we spend on green energy projects is an investment in our energy independent future and one dollar big oil doesn't get their hands on.  Government subsidies should be given to emerging new markets, not extremely profitable already established ones like the oil industries.  The republicans continue to insist that oil companies retain massive government tax breaks, which is like insisting on government subsidies for livery stables during the time Henry Ford was mass producing the new automobile. 
Image credit: Wikipedia

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