Saturday, June 14, 2008

Five Nations Urge Oil Producers to Boost Output.

Oil producers urged to boost output as prices soar -

AOMORI, Japan (AP) — Leading energy-consuming nations urged oil producers Saturday to boost their output to counter soaring prices threatening the world economy, while they pledged to develop clean energy technologies and improve efficiency.

Democrats Vote Against Drilling for U.S. Oil - TREASON?

The five nations — the United States, China, Japan, India and South Korea — differed, however, on how urgently oil subsidies should be phased out, with Washington backing bold movement while India and China warned of political and economic instability.

These five countries consume more than half of the world's oil and they need more in order to keep their economies running. China and India subsidies the price of gas in their countries so their citizens don't know what the real price of gas is. And because these countries are subsiding oil, it's hurting their economies.

Indian Oil is running losses of $76 million a day, and will run through its line of credit of $21.4 billion by July. That's because the government has insisted that Indian Oil subsidize all the gasoline, diesel, and cooking oil it sells, so much so that prices are a third cheaper at the pump in India than they are in the U.S. Since the oil it purchases abroad is so much more expensive than what it sells at home, Indian Oil basically loses money every time it makes a sale.

India is already facing such effects. The government hiked gasoline and diesel prices, triggering protests by angry consumers who blocked rail tracks and roads and shut down businesses. China also is afraid of mass riots if they hike the price of gasoline.

First President Bush asked OPEC for more oil and now the other four nations are doing the same. Democrats don't want us to drill for more oil but we need more oil to keep our economy going. Whoever holds the oil, holds our economy in it's hand. Boxer argued that the United States could save more oil than the refuge would produce "by just getting the SUVs to have the same fuel economy as autos."

This is the thinking of the Democrats and this is their solution, which if could be done, will take ten or more years. The American people will take so much and then we also will revolt. Their were talks in 1973, during the oil embargo, to go to OPEC and taking their oil. This just might be the reason for future wars.

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