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The biggest reason crude is so high is the facts that the U.S. dollar is low now and expected to become - not worthless - but diminished in value. Oil is traded worldwide in dollars. For over two years there has been a movement in the OPEC and other producing countries to make the Euro the official currency for buying and selling oil. Because of the problems in Europe, however, that idea has been put on the back shelf. [[I'd love to see it happen because I would start getting more for my oil than I am now.)
demonstrably wrong, as has been shown in numerous posts by various people WITH supporting documentation
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The major cause of high crude prices is U.S. govt energy policiies oractually, the lack of a sensible one. This administration - evidenced by public positions of Pelosi and Geithner, and to a lesser extent, by inuendo, the president himself. The policy is that gasoline should be $8/gallon or whatever the price is in Europe. The reason is that these people want to save the planet and high gas prices will force people to buy small fuel efficient vehicles and support the huge subsidies to alternative fuels. Europe's prices are high because of taxation, a method that's not possible to implement here. So, Obama has restricted wherever possible the ability of oil companies to drill for oil iin the U.S., to drill where the oil is.
show me ONE piece of evidence to support this. Oil production declined every year under dubya [[as it has been since the 80s), and bottomed out in 2008