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

Discussion in 'Political Discussion' started by reflexblue, Feb 15, 2009.

  1. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    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.
    Last edited: Feb 15, 2009
  2. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    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.
  3. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    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
  4. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    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.
  5. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    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?
  6. wistahpatsfan

    wistahpatsfan Rookie

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    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!
  7. 363839

    363839 PatsFans.com Supporter PatsFans.com Supporter

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    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.:confused:
  8. Real World

    Real World Moderator Staff Member

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

    wistahpatsfan Rookie

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    We need slaves....:mad:
  10. STFarmy

    STFarmy Rookie

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    DRILL BABY DRILL

    DRILL BABY DRILL

    DRILL BAB-

    oh, sorry. Thought we were getting a chant going like at the RNC.
  11. 363839

    363839 PatsFans.com Supporter PatsFans.com Supporter

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    Almost there.
  12. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    Back when gas was $4 a gallon, COngress voted to open up oil exploration on the contential shelf, Obama has already shut it down.

    Obama: I won't move quickly on offshore drilling | HamptonRoads.com | PilotOnline.com

    The president's stand on drilling is a sharp departure from that of former President George W. Bush, whose aides unveiled plans last fall to sell leases for oil and gas development off the Virginia coast.
  13. wistahpatsfan

    wistahpatsfan Rookie

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    I was asking you how he had anything to do with the US reduction in proportionate oil production globally. I know about how he shut down new drilling offshore. That is not relevant to how we got to where we are today.
  14. Triple-T

    Triple-T Rookie

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    The reason we don't use our own oil is because we want to use everyone else's first. Once the rest of the world runs out, we'll still have plenty in the ground. When that day arrives, we'll be sitting pretty while the rest of the world crumbles around us.

    (ok, i made that all up, but if i was in charge, that's EXACTLY what i would do.)
  15. 363839

    363839 PatsFans.com Supporter PatsFans.com Supporter

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    I wouldn't discount the possibility.
  16. wistahpatsfan

    wistahpatsfan Rookie

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    Oh MAN! We'd have to close the borders with huge walls and mine the harbors. Imagine that?

    I hope id never comes to that. We have to find a better way to power ourselves. Maybe then we can sell our oil to the highest bidder when their stuff runs out...if we want to.:D
  17. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Crazy...like a FOX!!! And then watch us sell for 300 bucks a barrel to QUWAIT!!! Preciousssss....

    Um, no.

    Although if current climate trends persist, there will indeed be a day when one will be able to sell ice to eskimos.

    PFnV
  18. wistahpatsfan

    wistahpatsfan Rookie

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    There's gotta be a good "Over a Barrell" metaphor around here somewhere...now where did I put that?:confused:
  19. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    And i thought Fog was the only mensa member here. He'll be angry he's got competition. :rolleyes:

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