Originally Posted by
Eric Stratton
when clinton released some oil out of the federal reserve back in the 90's to counter rising oil prices was that government influence or not.
someone mentioned that their hasn't been a new refinery built in 20 years because the government won't let them. when one has been shut down for whatever reason oil prices seem to increase. by not allowing more to be built doesn't that cause some influence?
We were talking about the world market price of oil, the examples you cite impact short term US prices. Much like price controls during the Carter era, they only influence US prices on domestic production for a short while. In the long term they tend to make fuel more expensive.
I have already given you many examples of how government can influence prices in a detrimental fashion in the home market.
Our inability to move world market prices in a helpful manner is clearly established.
Here is an interesting read about oil price history and attempts to control prices:
http://www.wtrg.com/prices.htm