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Art Laffer Reveals: How To Lower Oil Prices and Is Speculation A Genuine Problem?

SUGAR LAND--June 3, 2008--BizRadio's brain trust of Daniel Frishberg and Dr. Arthur Laffer delve into the vexing high oil price problem and reveal the only viable way that oil prices are going to finally be lowered.

Arthur Laffer: "I think the biggest way to get oil prices lower is to have them go too high right now and really set into motion those substitution effects where people just literally stop using it and start finding alternative sources."

Dan Frishberg: "We're using every drop of oil that is made and even though consumption in China and in America is going down the Chinese government is buying up every drop of gasoline or oil it can. We're using as much as we're producing, or more, and so it's going to keep going up. Speculating is a byproduct, not a problem."

Caller: "I heard that 60% of the price of oil today is speculation. Is that totally not true and is it also not true that the unregulated trading on the ISE exchange can lead to market manipulation?"

Dan Frishberg: "Totally untrue and people who told it to you are clueless!"

Arthur Laffer: "Yeah, I don't think you can really tell how much of what the price moves, I mean what Daniel and I were just talking about is the Chinese, and up until today really the Americans were storing and speculating effectively on oil by putting it in strategic petroleum reserves. That may have pushed the price up at least some, but I don't know anyone who says 60% or anything like that."

Dan Frishberg: "85 million barrels of oil a day is being produced and consumed. There isn't any slack, and most of the oil is controlled by government run organizations by countries who hate us. So, if you have a business or you have a life that requires oil, wouldn't it make a little sense for you to hold a little bit extra in reserve in case it's interrupted? You call that speculation, I call it common sense."

https://www.industrialinfo.com/showNews.jsp?newsitemID=133788


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