Do the Dems in Congress believe that supply/demand effects the price of oil or not?

Here is Senator Chuch Schumer on the floor of the Senate: May 13 2008.


';I, along with my good colleagues Senator Dorgan, Senator Casey, Senator Klobuchar and Senator Casey plan to submit a Senate Resolution that would block all four pending arms deals to Saudi Arabia, which together total almost $1.4BN, unless Saudi Arabia increases its oil production by 1 million barrels per day above its January 2008 output level. '; ';In turn, that would lower the price of gasoline between 13 percent and 17 percent, or by more than 62 cents off the expected summer regular-grade price';





However, when it comes to ANWR and offshore drilling, the democrats conveniently stop believing in the law of supply/demand and say that its speculators driving up the price.


(The IEA says that is not so) And that even if we did drill and add 1 million barrels/day of ';our'; oil, that it would only lower the price by a ';few cents';.





Who can tell me the truth behind the Democrats ';game';Do the Dems in Congress believe that supply/demand effects the price of oil or not?
Big oil and Dick Cheney are not to blame for the high price of gasoline, the democrats are the ones to blame. And before the November election the democrats will be squirming like a bunch of cats on a hot tin roof.Do the Dems in Congress believe that supply/demand effects the price of oil or not?
I think they may have some understsnding, but absolutely no idea what to do about it. Just tell you what they think you want to hear. We need some one to tell the truth about this and do what is needed even if it hurts.
Supply and demand does not control the price of oil. When the supply (and thus the price) is controlled by a cartel, supply and demand does not apply.





That is why we have anti-monopoly laws in the USA. Republicans always want to block such legislation at the same time proclaiming they are proponents of supply and demand.





Edit: Sorry if you believe the price of oil is not controlled by OPEC, then you the one in denial. I have no idea what the democrats in congress think.