Manhattan, NY – Bloomberg: Costly Oil is Good


    Manhattan, NY – Most Americans are rooting for oil prices to plunge, but Mayo Bloomberg isn’t one of them.

    “My great fear is that the cost of energy will come down rapidly and so low that we will forget the lessons we should have learned, and we’ll walk away from the environmental challenges,” the mayor said during a panel discussion at the Clinton Global Initiative in Midtown.

    Bloomberg’s comments were consistent with his earlier position that taxes need to be increased on energy to reduce consumption.

    Among the members on Bloomberg’s panel was Turki bin Faisal Al Saud, Saudi Arabia’s former ambassador to the United States, who said oil-production nations should be part of discussions about climate change.

    “Let’s discuss this in a global manner,” he said. “We have to benefit and you have to benefit. But don’t … Beat down on us and use polemic when you need to use science and good will.”

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    1. He is absolutely right. Low oil prices are only good in the short term. With current demand rates, the US uses 25% of the world’s oil, but we only have 3% of its reserves. So even if we drill around the clock, we are not going to be self-sufficient. Drilling is also not going to have much of an impact on prices, because oil is a globally-traded commodity and we will never produce enough compared to OPEC to have any meaningful impact on prices. And all you free-marketeering capitalists out there know that the *best* way to both reduce demand for oil *and* to increase the incentive to develop innovative alternatives is to keep oil prices high. That is why many economists support a floating gas tax to *keep* oil prices high. Once we are off the stuff, we can *finally* tell the Saudis to go jump in a lake, which will be oh so nice. ๐Ÿ™‚

    2. Yachtzel is correct. Lower oil prices would mean it would not be possible to drill domestic oil at a competitive price. The “Drill now, drill everywhere” folks know this, but don’t talk about it.

    3. We need to drill enough to scare the Saudis that we will be self sufficient and not need them any more. At tht point they will need to lower the price enough to keep us from pumping and flooding the market with our oil. Oil is their only resource and theyneed to keep selling it to make money. When the world no longer needs their oil they will be out of business. If they want demand for their product then they need to keep the pricing low enough as an incentive for the USA to do nothing with the holes they drilled.

    4. Our entire economy was built on inexpensive fuel – raise prices kill the economy. Somehow this billionaire can’t figure that out – or is out of touch with the real world. There is a huge manufacturing base in this country that need cheap fuel.

    5. Isn’t that exactly the same what Barack Obama has said that he doesn’t mind the high gas prices just the rate of speed that it got there. Now this elitist limousine liberal is trying to convince us that he cares for the working people – middle class. Baloney!! Excuse me what does he take us for fools.

    6. What a stinkin billionaire nutjob!

      BTW, Obama said a similar thing not too long ago. He said how he would have preferred it to go up slowly but he was happy with the high gas prices.

      STOP IT!!

    7. “We need to drill enough to scare the Saudis that we will be self sufficient and not need them any more”. Are you nuts? You obviously have no knowledge of geology.

      In general, the level of ignorance on this site is astounding.


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