Gas Prices to continue decline.

[Engineer]

It was interesting to not on CNBC yesterday that prices for storage of oil are shooting through the roof because there is no place to store any more of the stuff. The guy also stated that consumers are driving less and that the average age of a car in the US is now over 10 years old and those are starting to be replaced with cars that can double mileage or more. Said that demand in the US would be heading down for the foreseeable future.

 

[Engineer]

By the way, US may soon become worlds top "oil producer"...:hmm:

http://news.yahoo.com/us-may-soon-become-worlds-top-oil-producer-173753430--finance.html

 

[Acanthus]

It takes a long time to drill and build a deep water platform.

A moratorium on deep water drilling during the most catastrophic oil well disaster in history shouldn't cause prices to go up. It's actually the intelligent thing to do. Stop, see what the cause was, make sure it is rectified in current and future projects.

I agree with the decision.

I was just saying that is the only event that could even remotely tie Obama to gas prices.

 

[Londo_Jowo]

By the way, US may soon become worlds top "oil producer"...:hmm:

http://news.yahoo.com/us-may-soon-become-worlds-top-oil-producer-173753430--finance.html

So "drill baby drill" was the right answer.

 

[Londo_Jowo]

It takes a long time to drill and build a deep water platform.

A moratorium on deep water drilling during the most catastrophic oil well disaster in history shouldn't cause prices to go up. It's actually the intelligent thing to do. Stop, see what the cause was, make sure it is rectified in current and future projects.

Oil prices were affected when the drilling rigs left the gulf and headed to other regions. Instead of increasing oil supplies it did the exact opposite.

 

[Wreckem]

So "drill baby drill" was the right answer.

Drill baby drill was about drilling in ANWAR.

It also was to being argued drill baby drill would bring lower gas prices.

Production levels are high, demand is lower, and prices stay high. Its called the large oil producing countries, cut back on production to keep prices high.

The Large Oil producing countries want higher prices and will halt production if prices dip to low. The US can tap all its oil and not lower the price of oil because the other oil producing countries will stop producing.

 

[Wreckem]

Oil prices were affected when the drilling rigs left the gulf and headed to other regions. Instead of increasing oil supplies it did the exact opposite.

A Saudi prince farting in the desert affects oil prices just as much as the deep water horizon disaster.