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Originally Posted by Rupert Pupkin
We have much more control over interest rates than oil prices. The Fed can raise or lower the federal funds rate as they please. That's pretty significant.
There is pretty much nothing we can do to affect oil prices. I guess we could call some of the OPEC menbers and beg them to lower their prices. This has never worked in the past.
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US foreign policy has a direct impact on worldwide crude prices. Come on Rupert- you know this. What has impacted oil prices more than anything is the situation in Lebanon for better or worse. As tensions rose, prices went up. As they were quelled, prices went down.
Of course, we have to factor in seasonal adjustments as well. Oil prices always rise in the summer.