Oil prices drop 20 dollars in a week and a half. Coincidence?

[Xyei]

That would be just fine if we drilled all our own oil. We could parade the oil execs through Congress and grill the hell out of them (like we already did.) The problem is we have to buy more than 2/3 of our oil from countries that hate us, for 115-145 dollars per barrel. There are only 42 gallons in a barrel of crude. You do the math, but it is pretty amazing that they are able to provide us with gas for less than 4 bucks a barrel. All of this "record profits" stuff is nonsense. Hello!, we use over 20 million barrels a day, it makes sense that they might be making some profits.

The oil companies are still making a killing off us! They could afford to drop it some. The fatcats wouldn't be happy though.

I see your point though..

[Jim Jeffries]

The oil companies are still making a killing off us! They could afford to drop it some. The fatcats wouldn't be happy though.

I see your point though..

It's all about volume. If I could get a penny a piece from everyone in the world, I'd have about 68 million bucks. And if it were one or two guys getting rich, it'd be a different situation, but a lot of the stock in these companies are owned by school teacher, firemen, police officer, etc pension funds. Plus the two major oil companies pay 10s of billions in taxes every year and hire hundreds of thousands of people. Putting them out of business (which someone seems determined to do) is not a good idea.

[Ta Khent]

In the week and a half or so since President Bush reversed the Presidential ban on offshore drilling, oil prices have dropped 20 dollars. Coincidence? You decide. Personally I think that speculators caused the artificially high price in the first place and this move by our President made them a bit nervous, with the possibility of the supply increasing.

http://ap.google.com/article/ALeqM5i...BB-tAD923129G0

You can blame the weak dollar coupled with the high demand in India and China for the high oil prices. Lifting the ban does nothing consider that Congress has to match it. Furthermore, there aren't enough drilling ships to support such an undertaking.

[BETTY SWOLLOCKS]

This is why we should be on the case of sustainables energy, cos one day its all gonna run out. Eliminate the dependency. The better prepared you are when it eventually does will place you in a better position to take the initiative.

Of course the oil companies dont want that, and will give nice incentives to the government to keep everything as normal.

[Jim Jeffries]

You can blame the weak dollar coupled with the high demand in India and China for the high oil prices. Lifting the ban does nothing consider that Congress has to match it. Furthermore, there aren't enough drilling ships to support such an undertaking.

It's a bit more complicated than that. You have speculators in oil futures driving up the price as well. You have rising oil prices causing higher food prices and everything else that gets to the store via a shipping container and/or truck. The cause/effect between oil prices and the weak dollar leads to a snowball effect, that took oil prices to almost 150 a barrel. If you don't think lifting the ban affected the price, then I can't help you. But yes, Congress does need to do something soon, or the price will go back up, and continue to snowball. Unless of course, the President declares a State of Emergency and bypasses them completely.

This is why we should be on the case of sustainables energy, cos one day its all gonna run out. Eliminate the dependency. The better prepared you are when it eventually does will place you in a better position to take the initiative.

Of course the oil companies dont want that, and will give nice incentives to the government to keep everything as normal.

Wait. Doesn't your location say UK? Aren't you paying the equivalent of 8 bucks a gal over there?

[tyson]

2,9 dollars a LITRE here.

Stop whining, bitches!

[..........]

What is everybody paying? It went from about $4.02 here to $3.57.

[BETTY SWOLLOCKS]

Wait. Doesn't your location say UK? Aren't you paying the equivalent of 8 bucks a gal over there?

Technically I do, but I get reimbursed for petrol so I get my money back providing I have a receipt for it and I fill up on a work day