Stlhd, Dont confuse quote from the Saudis, short term increase in oil prices versus long term world demand. Oil is up again today, since their are some production issues in Africa nations.

The debate over Anwar is decades old, if my info is correct, Carter may have talked about drilling there. We are not drilling there because of opponents. Now they just want to say it wont make a difference today. They use Anwar as the example for the entire production issue, not a percentage of the total output. They talk about all the leases in Colorado, the gulf, the coast, etc that oil companies arent using. Well, the lease is only the first part. It doesnt guarantee you the drilling permit or keep you from getting sued, before you drill. Again, they are not thinking decades into the future. Demand is one million barrels higher per day, than supply. By 2017+_ china will have more freeway miles than the US.-source Modern Marvels.

Ya, hedge funds buy oil. So does your parents retirement account. HE was blaming congress and doesnt think Obama will improve it. I have to agree. They will of course, but it will take a full blown recession and five to six dollar gas before congress feels enough heat. Only republicans want to drill. Some Dems may want to drill, but environmental groups have a lot of power and money.

The same short term logic transferred all of the social security funds, into the general fund and supposedly wrote an IOU. They spent every dollar, and its not even included in the National debt. I watch the subcomittee on the budget, when the 94 congress was trying to balance the budget. Dems kept trying to amend it by including the SS trust fund. Unfortunately, GOP played games with it too. The 2000 Census was paid with emergency funding. which is listed off budget. Our current ROI on SS is about 2%. Much less than private accounts.