Analysts say Gas could drop $2.00/gal..

[tony]

Of course. But american oil companies have been given the green light to drill and pump. yet that have not, i want to know why exactly.

You support drilling for more oil but I don't understand how the economy works?

Better yet I had to go back and look in the very thread YOU started cause one minute I get confirmation of how it works then the next I don't. Taken from YOUR thread and the two posts were consecutive.

The way the oil industry is set up HAS to be a violation of Antitrust laws here in America. I do not think the oil companies need to be punished directly but I do think the government needs to take a look at how everything is structured. Section 1 of the Sherman Act states:

"Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine...."

OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 countries who controls 35% of the worlds oil and those countries come together.. agree on a set amount of production therefor fixing gas prices, a complete violation.

I am for a government that steps in and says speculation on the price of oil is not in the best interest of the people and has become out of control. The government is there to step in to an unfair market and set things straight without too much of a strong arm. The government could not put a cap on gas prices, that would be disastrous but putting forth the infrastructure for Biodiesel (40mpg and produced from waste) Cellulosic Ethanol (does not use corn) Hydrogen.. whatever, viable competition can be made.

Thats how the market works, it sucks for us somtimes, but thats just how the game is played. So you want to socialize the oil/energy market to get rid of what you call "speculation". Why not just socialize every market, because I hate to break it to you speculation is NOT a fraction of the price of any given commodity, it is 100% of the price. Futures are traded (and every other single market on the planet) on speculation. Your life and capital runs on speculation. So yea, there are lots of people that buy into the "there is a 50% speculation surcharge on oil right now" garbage spilling out of some politicians /news channels mouths; but that does not make it the least bit true. The next time you talk to a futures/stock/ any type of finical person that is worth a cent will tell you that speculation is 100% of the market price.

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You said reference a financial person, no one better than Warren Buffet;

On a commodities bubble
Buffett: "I don't think there's a bubble in agricultural commodities like wheat, corn and soybeans. But in metals and oil there's been a terrific [price] move. It's like most trends: At the beginning, it's driven by fundamentals, then speculation takes over. As the old saying goes, what the wise man does in the beginning, fools do in the end. With any asset class that has a big move, first the fundamentals attract speculation, then the speculation becomes dominant.

Once a price history develops, and people hear that their neighbor made a lot of money on something, that impulse takes over, and we're seeing that in commodities and housing...Orgies tend to be wildest toward the end. It's like being Cinderella at the ball. You know that at midnight everything's going to turn back to pumpkins & mice. But you look around and say, 'one more dance,' and so does everyone else. The party does get to be more fun -- and besides, there are no clocks on the wall. And then suddenly the clock strikes 12, and everything turns back to pumpkins and mice."

I will concede his point on the market taking care of itself but this bubble is literally squeezing the life out of American citizens and at some point as I said before.. something has to give.