Here's what Fast Money viewers are saying about the Senate oil hearings, high gas prices and why there's an upside to crude's surge.
If everyone who bought an oil contract had to take delivery at the price they paid and could not sell it the prices would come down. If you buy a tank full of gas at the pump you will probably use it, not sell it. Right?
-- Tommy
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There's an upside to high oil prices. Higher prices allow the following to happen:
- alternate energy sources to become cost effective.
- reduce dependence on unstable countries for our energy
- reduce the effects of global warming.
- force everyone to look at becoming energy efficient
-- Matthew K.
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Americans can learn to live with $4 gas, $5 gas and perhaps higher. However, anyone who saw the Senate Hearings could only conclude that we are doomed by Congress’s complete lack of understanding of basic economics.
-- Ron from South Carolina
That leads to our Fast Money Reader Poll. Do you think Congress grasps the situation presented by high gas prices?
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