msalmon Wrote:
Sep 06, 2012 8:26 AM
LOL, My chapman is still very ignorant when it comes to economics. I guess he is from the Krugman school of economics. Ok My chapman, i will type slowly so even you can understand. Higher supply = lower prices. Its elementary economics. Obviously the increase in domestic oil production (all on private lands btw) has not matched the increase in world demand. If we were allowed int he US to produce as much as we can, no doubt the world supply would increase and price would fall. But like a broken clock that is right twice per day, Mr Chapman is right that the global recession helped to cause prices to drop, why because DEMAND fell. Duh. So Mr Chapman, if supply has no impact on prices as you implied, why does the price goes up when OPEC