I was listening to the radio yesterday when the reporter said that we have an over supply of oil. Now, that made me laugh. An over supply? Did we have an over supply when it sold for 40 cts a gallon in the 70's? How about when it sold for 80cts? Or 2 bucks? LOL Seems to me that you can't reach the over supply point until you reach zero on the price. I know,I know, you have to factor in the price of transportation and refining. But even with that and say adding another 5% profit to the oil company and another 10% to the gas station owner a gallon of gas shouldn't be more than 1.75. Thing is, we have taxes and strict regulations imposed by government which doubles the price of the fuel.
"Seems to me that you can't reach the over supply point until you reach zero on the price."
That's one of the silliest statements I have ever heard on this or any boards.
So there can't be an oversupply of housing, for example, unless houses are given away for free?
Easy to see you don't have the slightest grasp of economics.