Quote:
Originally Posted by aggie99
I am only quoting a CNN article:
Experts say offshore oil drilling would not have an immediate impact on oil prices because oil exploration takes years.
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You know on it's face that is simply untrue. It takes six weeks for oil to travel from the oilfield to the refinery. The barrel price of oil changes daily, sometimes making huge swings like down $5 one day and up $9 the next. It isn't because six weeks ago production was off or demand was up. It's because the market price is moved by news. Any major development, for better or for worse, is going to have an immediate impact on price regardless of when the actual impact on supply/demand occurs.