Anyone watching 60mins ????

[Hutzpa]

come learn how America was being ROBBED, for those
that continues the blatant misleading BS about
supply and demand and oil has peaked, here is the
TRUTH.

[BlueJazz]

1. Yep...I'm getting more pissed with each Fact.

[dflprincess]

2. Nice of them to tell us about it now

instead of when Enron or companies like it could have been stopped had the public been made aware of it.

Maybe it will at least help with prosecuting Bushco.

[firedupdem]

3. fuming! wish I had caught the very beginning. n/t

[liberalmuse]

4. I appreciate the heads up, but...

can't take anymore outrage today. It seems to grow in conjunction with Bush's limited days in office. It's like when you have to pee really bad, but only when you get to the toilet and start to pull your pants down do you feel like that is the time you are most liable to piss your pants.

[Baby Snooks]

22. Congress at least closed the "speculative" loophole...

No doubt the oil companies enjoyed the speculation since it doubled their profits but then demand dropped which affected the speculation to a degree -if Congress had not closed the loophole we would probably be seeing $150 a barrel oil. The crooks would be making more money and the Republican Party could be blaming the Democratic Congress.

All of this was the result of one piece of legislation of Phil Gramm's that Bill Clinton signed into law in 1994 which turned Wall Street into Las Vegas. Congress needs to re-regulate the financial markets. And it so far has refused to do so. Those wild swings on Wall Street are not an indication of anything other than speculators driving the market low to buy and high to sell. But then some members of Congress are probably recouping their own losses on the "daily trades" buying stock when it's low and selling when it's high and then buying the stock back when it's low again.

And of course the legislation not only turned Wall Street into Las Vegas but limited the players. You have to have a minimum investment in an account to become a "day trader" and most don't have $25,000, or whatever it is now, probably higher, to play the roulette table.

And then of course you have the hedge funds. Some are still making lots of money. And will continue to make lots of money while the loopholes are there. It's a shame family members of senators don't have to make disclosure. It would be interesting to know how well Chelsea Clinton has done on the hedge funds.

As for peak oil most assume we have indeed reached the peak but it's hard to gauge when the tank might run dry. It is dependent upon new fields and how much they actually produce and on how much demand increases relative to supply. But the reality is the supply is dwindling. Do you see the oil companies building new refineries? Why would they if within possibly five to ten years they will be no longer needed. That's a scary reality. But it is a reality. And one which the American people still don't want to accept.

Hopefully within five to ten years we will at least have "alternative fuels" which will help us deal with the reality. Otherwise Brazil will be the only country in the world that still has traffic jams. It may not be five to ten years. It may be twenty five years. Some of us may not care on that basis. But by not caring, we may be ensuring it is five to ten years.

I didn't catch the program but supply and demand had very little to do with happened last summer. It was partly due to adjustment of the dollar to the eurodollar but even that was manipulated by the speculators.

Where should oil be? According to the Saudis, around $70 a barrel. That is probably where we will see it by April or May. Unless there's a war or an embargo. Which of course limits supply and causes price increases. But for the most part, the days of the speculators has come to an end. They should have come to an end with Enron and what it did in California.

Will it go up? Probably. But not the way it did last summer. I read something several months ago that indicated $3 a gallon was the threshold for the American people. Over $3 a gallon has a negative impact. Part of which we are still seeing in the grocery store.

I didn't catch the program but hopefully people will not be lulled into the fantasy of unlimited supplies of oil. That just isn't the reality.

[Hannah Bell]

5. more details, please.

[CatWoman]

10. I missed it (watching Niagra on TCM)

But here's the link to the story: http://www.cbsnews.com/sections/60minutes/main3415.shtml

I plan to watch it later tonight.

[Hutzpa]

12. Thanks for providing the link CW n/t

[Hannah Bell]

14. thanks!

[Fire1]

6. Oh, yeah!

[xxqqqzme]

7. got 2 & 1/2 hours to go on the left coast

Why is it on @ 8?

[Hutzpa]

9. The NFL playoffs

was on and it just finished.

[Liberal_Stalwart71]

8. Gray Davis got unfairly blamed for something that had Enron's fingerprints all over it

This story was breathtaking, and this country's treasury was pillaged by these criminals, aided by the Bush/Cheney Crime Family!

[Hutzpa]

11. It's a systematic

erosion, get your paid shill to feed us BS and stand by what
they say as solid proof.

The argument is 'oil has peaked' and since oil has peaked
you create fear and panic which in turn helps escalate the
price of oil.

These people have no sympathy.

[Liberal_Stalwart71]

19. The so-called "librul media" went along with it and demonized Gray Davis

I was deeply saddened by the fact that California citizens bought into it.

[NYC_SKP]

13. Now, now, there. It's on later here so that we get the down low in advance from

the very fine people on the other side of the country!

Neither of us will miss a minute of it, and we know what to look for!

[Hutzpa]

15. Here's a link

don't get mad, get med-even on them


http://www.cbsnews.com/video/watch/?id=4713382n

[NYC_SKP]

17. Oh yeah, that's what I love.

Watching on my own terms, own pace, laptoppy!!

Thanks!

[BrklynLiberal]

16. DAMN..my cable crashed and I have no reception at all..

They cannot come to fix it until Tues!!!

Thanks for the link to the video CatWoman

[CatWoman]

18. *smooch*

I'm watching it now, and my blood pressure is steadily rising :grr:

[Nicholas D Wolfwood]

20. What the fuck was Andy Rooney talking about?

How does he still have a segment? Did he even know where he was when he was being filmed?? :shrug:

[Jennicut]

21. It made me sick to my stomach. Supply and demand my ass.