PRINTBasic economics says that when government restricts the supply of a good, the price will increase. Yet Congress continues to reject simple measures that could increase the supply of oil.
Basic economics says that when government restricts the supply of a good, the price will increase. Yet Congress continues to reject simple measures that could increase the supply of oil.
Comments
Beyond the usual supply & demand factors, our recent high crude oil/gasoline prices are probably more due to an unwise decision that allowed WTI Crude Oil to trade unmonitored and without position size reporting on the ICE exchange.
To correct this mistake, Congress should either force the ICE to follow the exact same reporting requirements as US exchanges (only in regards to the commodities that are traded on US exchanges), or better yet, prohibit the ICE from trading a commodity contract that is already traded on a US exchange. (E.g. WTI Crude Oil that's already traded on the NYMEX in New York.) Doing this would almost certainly lead to a significant and immediate drop in crude oil prices, practically overnight, to a price somewhere under $100 per barrell, since the excess speculation or market manipulation that is currently enabled by the ICE would be nullified.
The full text (.pdf file) of the government staff report can be found at this URL:
http://frwebgate.access.gpo.gov/cgi...cid=f:28640.pdf
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