In a message dated 8/31/2005 7:38:55 AM Pacific Daylight Time,
datsunmike@nyc.rr.com writes:
I wonder if the oil companies and refiners will forsake massive profit
opportunities to ease the shock of the price increases.
I wonder if the Evironmental wacko's like you finally understand that if you
are going to limit the amount of oil refinery's in the United States you are
forcing your economy to be dependant on foreign oil. In the 70's we had over
300 refineries in the US working at about 70% capacity, now we have 117 of them
working at 95% capacity. There has not been a new refinery built in the US
since 1976. The problem is not a shortage of oil, the problem is we have a
limited supply of facilities that can turn the oil into gas, while other
Countries
such as China and Europe are increasing their demand for oil also.
I am also thinking that oil shortages will happen, much like the 70s.
DAA!!
I also think that the Katrina disaster will push a fragile economy into
recession. After all, our 'great' economy has been built on ever increasing
levels of debt with people spending far beyond their incomes and this debt has
been bought by foreign nations, especially China, to encourage our spending
frenzy.
Katrina is a blip on the radar to the US economy, currently the US Economy is
heated, or as Greenspan has put it, in a Conundrum. Mortgage rates have risen
and they have had no effect on slowing down our economic growth, because
Banks are finding easier ways to finance idividuals. Home Forclosures are at an
all time low, while Unemployment is at record lows. I am not saying this will
not turn around, our economy goes thru normal cycles of highs and lows, we all
need to be prepared!!
I also think that China and the EU should start worrying as American debt has
kept those economies afloat.
I also wonder why Bush didn't fly back to Washington sooner but continued
giving BS speeches and vacationing as the greatest American tragedy unfolded.
Why hasn't he given a televised speech (no matter how short) discussing this
tragedy and showing those living in the devastated areas that the 'USA' is on
the case giving them some hope, any hope. There are a lot of people who are
furious about this - livid also comes to mind.
Who frickin cares, where Bush was or was not, thats trying to deflect from
the real subject of your question
Mike
PS - Now you didn't think I changed my rebel-rouser ways did you? This was the
'Perfect Storm' for the economy. My mom called me Mr. Doom & Gloom when I
first told her the above yesterday morning, but today numerous analysts and
pundits have concurred with my observations.
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