[jeffk]

Originally Posted by TheProfessor

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Elections has zero to do with the price of crude oil. Crude oil is a world wide set price. Spot price.

Oil is a commodity. The price is set based on what the sellers think they can get for it. That is based not only on current supply but FUTURE SUPPLY as well. That's how all commodities work. Future shortages make current supplies more valuable/costly. When the newly ELECTED president shut down several future oil supply sources, it immediately started to factor into CURRENT prices. As long as the crimp in the supply is in place (generated by the ELECTED president) the higher prices will continue and extend. Obama did a similar thing to supply sources and the same thing happened, prices went up. How many times do we need to have this lesson repeated?

Maybe one should ask why the USA oil companies are exporting crude oil to foreign countries.

It's called "doing business". AND once you have contracts to supply oil to international buyers you cannot back out without significant penalties and loss of reputation as a reliable business partner.

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Google is a wonderful source of raw information but if you don't understand the underlying business operations and principles the information is useless.