Why hasn't Congress and President Obama acted on the rising cost of oil ?

1. 59

   JON EWALLposted 13 years ago

   Why hasn't Congress and President Obama acted on the rising cost of oil ?
   
   Why hasn't Congress and President Obama acted on the rising cost of oil created by wallstreet speculators? Just a repeat of 2006, time to start another downturn in the economy.

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2. 81

   SweetiePieposted 13 years ago

   With all the conflict going on in Libya, an oil producing nation, I would not expect prices to go down any time soon.  You have choice, like you could walk more and drive less.  Actually I am a pedestrian and I do not drive at all, so this is not something I have to worry about as much.  Carpool with friends, or ride a bike if you want to cut down on the cost of your commute.  If America was looking out for her best interests we would get off the foreign oil dependence and invest completely in solar and other clean energies.

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3. 91

   melporposted 13 years ago

   Because Congress and the President cannot do anything about oil prices other than come up with energy policies to encourage development in alternative energy sources.

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4. 60

   nightwork4posted 13 years ago

   because they have no control over it. first thing you have to realise is that companies run your economy, not the government. oil is big business and since the U.S. is the largest consumer on the planet, your not going to have much say in the price.

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5. 0

   Old Empresarioposted 13 years ago

   Yes, the rising price of oil does always seem to be the canary in the coal mine that heralds a recession, doesn't it? I suppose we can only wait and see. Political leaders may want to deliberately crash the economy and government into a financial cliff simply to rebuild another one. Think about it. What else can they do at this point? As we have seen, the system will not allow the government to repair itself. The choices are either 1) slow and steady decline or 2) emergency reform of government after economic disaster.

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6. 89

   Rock_njposted 13 years ago

   Could it have something to do with the fact that the oil industry is so mighty and powerful?  They have literally toppled governments to get their way.  If they want oil prices to keep rising, they will use their lobbyists and campaign contributions to ensure that things go their way.  Same with the Wall Street banksters. 
   
   President Obama and the prior Democratic Congress did take some tepid steps towards reducing oil consumption and demand in the U.S., including:  raising the CAFE mileage standards and encouraging the development of alternatively fueled vehicles via tax policy.
   
   This is all just a warm up for Peak Oil, when oil demand permantly outstrips oil supply.  Then it will be pure supply/demand economics that will drive up the price of oil, and it might not be far off, so we better be prepared.  I may do a Hub on Peak Oil soon.

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7. 72

   tngolfplayerposted 13 years ago

   There is nothing they can do except start new regulations.  But in a free market, there would be too many people crying socialism and communism(although the majority of people that say that have no idea what either is).

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8. 74

   someonewhoknowsposted 13 years ago

   Good question I heard wants to cut alternative energy subsidies.

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9. 60

   weholdthesetruthsposted 13 years ago

   Because Obama wants us to have extremely expensive oil...and So do Democrats.

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10. 59

    Kaniel Loughranposted 12 years ago

    Because it is in their best interest to keep prices high as they are on the take from lobbyists with deep pockets.

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11. 60

    virtualeduposted 12 years ago

    Watching Government: Calls to curb speculation grow
    Oil & Gas Journal
    Eric H. Holder Jr. announced he had formed an oil and gas fraud taskforce on Apr. 22 in response to President Obama's orders, Holder said the group would evaluate developments in the commodity markets and examine investor practices, supply and demand
    
    http://www.ogj.com/index/article-displa … .html.html

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12. 75

    Inventuristposted 12 years ago

    Funny answers below, I love them. President Obama is standing true to his base. He told everyone before becoming president that this is exactly what he was going to do - and he is doing it.
    
    He told everyone he wanted to put the coal companies out of business, and he is doing it. He said that with cheap oil prices, he must subsidize wind, solar, and other alternative sources of energy to make them profitable. OR he could just do nothing when something can be done and the price of oil will surge - subsidies don't have to be put in place because at $10 a gallon, wind becomes profitable, solar is competitive and it makes these alternatives look viable - which is the environmentalists Nirvana
    
    His play to "open leases" isn't opening drilling - but his hold on deep water drilling in the Gulf is certainly still restricting drilling. Make no bones about it, this avowed Marxist president is doing exactly what he said he would do right out in the open. He has a willing news media playing everyone in the nation like a slick fiddle..

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