reflexblue

I know this came up last week but i think the answers differ.

Crude oil is getting cheaper — so why isn't gas?

NEW YORK – Crude oil prices have fallen to new lows for this year. So you'd think gas prices would sink right along with them.

Not so.

On Thursday, for example, crude oil closed just under $34 a barrel, its lowest point for 2009. But the national average price of a gallon of gas rose to $1.95 on the same day, its peak for the year. On Friday gas went a penny higher.

To drivers once again grimacing as they tank up, it sounds like a conspiracy. But it has more to do with an energy market turned upside-down that has left gas cut off from its usual economic moorings.

The price of gas is indeed tied to oil. It's just a matter of which oil.

The benchmark for crude oil prices is West Texas Intermediate, drilled exactly where you would imagine. That's the price, set at the New York Mercantile Exchange, that you see quoted on business channels and in the morning paper.

Right now, in an unusual market trend, West Texas crude is selling for much less than inferior grades of crude from other places around the world. A severe economic downturn has left U.S. storage facilities brimming with it, sending prices for the premium crude to five-year lows...continued.

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FreeTedWilliams

When your government is set to print and circulate 3 TRILLION dollars that it does not have, rapid and rampent inflation is sure to follow. A year from know, you will be longing for the days when gas was under $2 bucks a gallon.

OH, and BTW the US has no oil, don't you listen to the left on this board.

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The Jets look like a Super Bowl contender right now about as much as Rosie O’Donnell looks like a threat for the Miss America crown. -NY Post 12/19/2011


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PatsFanInVa

LOL FTW, you should really stick to censoring people who disagree with you; it is far more effective than when you try to argue.

The U.S. has some oil. The U.S. does not have enough oil to supply the entirety of U.S. needs. Perhaps we do not import foreign oil at all, and "the left on this board" just never heard about it?

Even more to the point, the U.S. does not have enough oil to supply the entirety of U.S. needs indefinitely.

"Drill baby drill" does not answer that challenge.

What else ya got?

PFnV

reflexblue

Sorry Ted i just glance at the article and remebered there was a thread where there was conjecture as to why this was happening. I just posted for those people. I have no agenda other than that. So put that in your crack pipe and smoke it.

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FreeTedWilliams

Don't let the facts get in your way...

Hoover Institution - Facts on Policy - Crude Oil Production

In 2006, the United States produced 5.1 million barrels of crude oil a day, which is more than Iran and Venezuela’s crude oil production combined. Russia and Saudi Arabia, the world’s top two oil-producing nations, produced 9.3 and 9.2 million barrels of crude oil a day, respectively.

Now imagine what we could do, if oil expolration was not shut down by Obama?

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The Jets look like a Super Bowl contender right now about as much as Rosie O’Donnell looks like a threat for the Miss America crown. -NY Post 12/19/2011


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wistahpatsfan

Shut down by Obama?

When do you think Obama was elected? We began to import more than what we produced back in the 1990's. How did Obama do that? He truly is the Son of God!

363839

It was my understanding that the reason we don't use our own oil is because it's too expensive to process as opposed to the oil found in other regions of the globe.

Real World

I think you're correct. At least from what I've read in some places.

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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him."
Leo Tolstoy, 1897

wistahpatsfan

We need slaves....

STFarmy

DRILL BABY DRILL

DRILL BABY DRILL

DRILL BAB-

oh, sorry. Thought we were getting a chant going like at the RNC.