Comments on: Global Economy Vs. Oil

By: chadingalls

chadingalls — Wed, 03 Dec 2008 15:42:36 +0000

Alternative sources for fuel need to be perfected and put into effect as soon as possible. I think the use of oil as the only efficient source of fuel at this point is terrible because it essentially allows for a monopoly and can be charged however the oil companies want. They’re even intentionally withholding production to rise the price! I know that hydrogen is being used in some places in California, but the hydrogen gas stations are so far apart that it makes it almost pointless. We need to react to this gas monopoly and come up with something fast because people cannot afford rising gas prices in the current state of the economy.

By: Jazelle Reed

Jazelle Reed — Tue, 02 Dec 2008 02:07:15 +0000

Economists have forecasted that the price of oil will rise around december 12th so this information is in support of what they have projected. The fact that OPEC essentially represents a monopoly is all the more reason why we need to move toward alternative sources of oil as soon as possible.

By: bkriger

bkriger — Mon, 01 Dec 2008 04:03:17 +0000

I always believed that it was wrong how OPEC can control the oil supply and thus the price. But what it really makes me think about is the US Dollar. Since the USD was taken off the gold standard, its price has been linked to oil. Have you ever realized that oil is traded in USD? And that any country that doesnt trade oil in USD has pretty much been invaded by the US?

By: bkriger

bkriger — Mon, 01 Dec 2008 04:01:17 +0000

By: jakekuss

jakekuss — Mon, 01 Dec 2008 00:28:07 +0000

Oil is such a requirement for the modern global economy that no matter how high the fuel prices are, there will be someone in the world willing to pay for it. I do agree that is has become a “necessity”. We can just enjoy the lower prices for now until the oil companies find a way to raise the prices again. This just shows how much we need alternative fuel technologies.