Posted by IndianaRed on October 31, 2008 at 15:47:21 from (72.63.65.136):
In Reply to: Re: Gas prices posted by old on October 31, 2008 at 15:06:57:
What would happen if the price of oil on the world market went above $100 again? And it cost the oil companies $2.50 to produce a gallon of gasoline so that they were losing 50 cents on every gallon of fuel sold? I imagine you might say they could live on the profits they've made the last few years, but that would soon run out, not to mention they would not be able to explore for new deposits, or build new wells.
They would soon run out of money, fire all their employees and shut down. Is that what you are advocating? I'm sure it's not, but that's what would happen if you tampered with the market in the way you said you'd like to see.
I think my steak and corn cost too much. Perhaps we should cap the cost of beef at $1.00/lb and corn at 25 cents a can. How soon would the farmers go under and the market collapse? Very. Same thing.
I know it's easy to say the oil companies make too much, but capping costs cannot and will not work.
Let's just hope the prices stay low, and we begin bringing more domestic oil to market.
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