Oil price should continue to decline

[ruger17hmr]

I just wanted to share a good news.

Why Gas Prices Should Be Lower Soon - Yahoo! Finance

 

[SEIndSAM]

Of course. Next year is an election year. Obama is going to try to do anything he can to lower gas prices.

 

[indykid]

Actually obama-messiah is going to take credit for it regardless as to why the price goes down.

 

[strahd71]

i dont care who does it, but gas is killing us right now

but of course i want obama out
jake

 

[44 MAGNUM SHOOTER]

I can actually afford to drive me jeep down the block now...

 

[LeeStreet]

Watch the prices, July 4th weekend is coming up.

 

[edsinger]

Another way to look at it, Oil is going down partially because it follows the economy.....What was oil in late 2008?

 

[THard6]

no matter how low they go i can promise you "IT"S" not getting my vote. but agreed the prices have been making my pay check go a little further but at the same time i bought the truck.. i'll put the gas in it...

 

[Stschil]

30 million barrels is a drop in the bucket, approx 3 to 5 days worth of use in America. It's symbolic BS and them taking credit for doing something they didn't actually do.

Refineries in the States have been operating at reduced capacity for quite a while as they were refitting to comply with newer EPA restrictions. Guess what?, these refinery additions are now complete and they are ready to ramp back up to full production levels.

Besides, America gets the bulk of it's oil from Canada and Mexico. The middle east has very little to do with America's oil usage other than being a convenient scape goat to point at when the public cries about high gas prices.

 

[miguel]

There goes the "strategic" reserve...

 

[NYFelon]

30 million barrels is a drop in the bucket, approx 3 to 5 days worth of use in America. It's symbolic BS and them taking credit for doing something they didn't actually do.

Refineries in the States have been operating at reduced capacity for quite a while as they were refitting to comply with newer EPA restrictions. Guess what?, these refinery additions are now complete and they are ready to ramp back up to full production levels.

Besides, America gets the bulk of it's oil from Canada and Mexico. The middle east has very little to do with America's oil usage other than being a convenient scape goat to point at when the public cries about high gas prices.

Actually, the US is it's own largest single supplier of crude oil. Canada and Mexico are our largest oil import partners, followed by Saudi Arabia and Venezuela respectively.

Here's a list of oil importation, for the most recently compiled 6 months to have a look at. We still produce some ~49% of our own crude oil. Adding in Canada and Mexico, we get about 70% of our domestic fuel consumption from the North American continent.

 

[Stschil]

Actually, the US is it's own largest single supplier of crude oil. Canada and Mexico are our largest oil import partners, followed by Saudi Arabia and Venezuela respectively.

Here's a list of oil importation, for the most recently compiled 6 months to have a look at. We still produce some ~49% of our own crude oil. Adding in Canada and Mexico, we get about 70% of our domestic fuel consumption from the North American continent.

I guess I should have been more specific and said the bulk of what we do import. You're right, NYF, thanks for the better info and sorry for the confusion.

The fact still remains that Middle Eastern oil doesn't really effect the US much in terms of actual supply. It's effect is more a programed emotional response.

 

[DocBoCook]

Its our own speculators and lack of refineries built after 1970 that drive up our Gas Prices

 

[Hotdoger]

Paid $2.89 at Kroger in Monticello yesterday. .50 cent off for using the kroger card.

 

[NYFelon]

I guess I should have been more specific and said the bulk of what we do import. You're right, NYF, thanks for the better info and sorry for the confusion.

The fact still remains that Middle Eastern oil doesn't really effect the US much in terms of actual supply. It's effect is more a programed emotional response.

Indeed, which is why I get sick to death of hearing how America is beholden to OPEC. If any nation-state/entity is wholly owned by OPEC, it's continental Europe with the exception of Russia.