Gas prices dropping due to opening drilling?

No man, the price of gas is dropping for several reasons, none having to do with drilling. The U.S. Department of Energy, run by Bush, has said recently in a widely respected report that drilling more here can have only a minimal impact on the price of gasoline.(two cents per gallon over 20 years ) Because oil drilled here will be sold on the international oil market, China can buy it, India, Japan, Europe,,, anyone.

The price of gasoline is going down because there is an election coming that threatens to throw the oil pigs out of office, most of their congressmen will be ejected, so they are going to drop the price of oil and gasoline.

Another downward pressure is that the oil companies and speculators know that the democrats , after they take control of the senate , are going to go after the slime balls who raped our wallets.

The third downward pressure that comes to mind is that the economy has taken the worst shit since the great depression. That means less demand for gasoline. People buy less, travel less, so use less gas.

The fourth pressure is that the oil producing countries see clearly that the price of oil is moving the world to produce cars that don't need oil or gas. Initially they decided to make one last big killing before the technology arrives in cars. Now they are seeing that their pricing will cause them to lose the U.S. congress and white house,, and also accelerate the movement to non oil based transportation fuels. I'm praying for ten dollar a gallon gasoline, it will move us to clean burning cars, and a government that isn't controlled by the oil industry, and isn't declaring war to obtain other countries oil .

First energy just did the same thing to electricity with their rate increase. They are pricing themselves out of the energy market. Watch and see.

prime3, you hit the nail on the head! most of what your saying has 100% truth behind the reasoning

oil will never be a thing of the past, just the lifestyles and the corrupt politicians

I plan on buying a chevy volt as soon as they allow me to make a deposit, and use it as one of the company vehicles!

have a great weekend!

cheers,

action

The price of gasoline is going down because there is an election coming that threatens to throw the oil pigs out of office, most of their congressmen will be ejected, so they are going to drop the price of oil and gasoline.

It's funny how people like you said the same thing (just do a search on here) prior to the November 2006 election that saw the Dems take control of the House. We all know how that ended.

The third downward pressure that comes to mind is that the economy has taken the worst shit since the great depression.

No it hasn't, and you're a fool if you actually believe that. We aren't even in the same vicinity of the Great Depression. Objective data will prove that over and over and over again. We haven't even enterred a recession as defined by almost all economists. The 70s were far worse than what we are in now.

Another downward pressure is that the oil companies and speculators know that the democrats , after they take control of the senate , are going to go after the slime balls who raped our wallets.

No, they won't. The Dems are pandering to the uneducated populace right now saying that oil companies are driving up the cost of oil. They aren't. Once they are in office they will be forced to produce results, not win elections, and they will abandon any futile efforts.

The fourth pressure is that the oil producing countries see clearly that the price of oil is moving the world to produce cars that don't need oil or gas.

This is true. Oil product consumption is down dramatically year-over-year in the US due to conservation (most of which probably is due to decreased driving, and not through buying Priuses).

Here's the real reasons.

1. Oil production (or the threat of it) is moving forward. Oil markets have some "speculation" in it, but "speculation" cuts both ways. Speculation can drive a market up when the fundamentals don't support the bull market (see the late 90s NASDAQ for proof), and it can drive markets down when the fundamentals don't support the bear market. The prior happened early this year. The latter is happening as we speak. The threat of increased oil production has sent a shiver through oil futures markets because it changed the psyche of a significant portion of investors.

2. Geopolitical events seem to be calming. Iran has decreased its sabre rattling in the last month or so, and the threat of combat in the middle east has stabilized. Iraq has stabilized significantly in the past year, and oil production has come back online adding a stable supply market.

3. Economic slowdown. The slowdown worldwide (but it's not a recession in the US yet as prime said) will slow the growth of demand for oil worldwide for the next year or so.

4. Decreased consumption in the US. Energy efficient cars coupled with the more important decreased driving habits of Americans has lead to somewhere in the neighborhood of 5-7% declines in oil demand year-over-year.

5. Production increases from the Saudi's has given relief to the supply and demand picture for oil.

Not a recession yet? How many years have the bushies been telling us that while the economy takes a stinkier and bigger shit each year?

Answer to yours:
A. The house is now working out better, but The repubs in the senate counter every democratic move with the fillibuster, that will be over in January after the election. You will see investigations into the oil companies, and the speculators, and the trading of texas crude on foreign markets to evade U.S. regulations, which are poor, but not as poor as the trading of Texas crude in Dubai currently allows.

B. LOL Hey Hey,, as far as the economy numbers you rely on,,look at the automakers, the housing taking a shit, fannie may and freddie mac, bubble after bubble lined up to topple our economy. The economic numbers have been tailored over the decades to specifically exclude the impact on how well PEOPLE are doing, instead focusing on how well the corporations are fucking us. Note the growing number of actual unemployed as opposed to the unemployment number which only shows people still getting unemmployment benefits, and doesn't reflect long term unemployed and the tens of millions who are now "underemployed",, meaning working like a slave for shit wages.

C. the only thing stopping anything meaningful on speculator regulation is the repubs in the senate. They should all be impeached.

response to 1-5

Your factors contribute, but nothing effects supply and demand and speculation like a real and new quantitiy of oil in a bbl or on a ship, or a bbl not used (glut) Other than the Saudi increase (easily absorbed by increasing demand in India and China by now) ALL the speculators know that there is a glut, that the decreased usage is their game exiting and limiting deal.

Our economy is more fucked than I've ever seen in my life. They got Greenspan to lie, its a lot easier with his replacement. Two politicians said the other night on channel 30 that one in 5 Americans could lose their homes to the housing bubble. Yes hey hey, the economy is wonderful.

Consider a loan that you have to pay off in a manner where you pay off the interest first like today's mortgages. Pay on it for 10 years or so before any money gets applied to the principle. Keep in mind your mortgage has a clause that lets them call your loan anytime they want, that means you have to pay it off on demand, in full. They are loan sharks, but were not happy to continue to make simply ridiculous profit, they are doing the same fraud now that they did during the great depression. They went through toledo buying properties for pennies on the dollar, thats what they are pushing for now, another great opportunity like that.

But I welcome $10 gasoline, nothing will push us faster to electric cars and high speed rail and "trolley cars". I hope its the end of GM taking over the design of cities, and an end to the big box monster stores.

I welcome 10 dollar gas too, because I can afford it, because my 430hp car thrives on gas, and lots of it, and specially because I will have lots of room on the highway with poor people sitting home.

Well said, HeyHey

http://www.youtube.com/watch?v=GDAFozFn4kU&feature=us
Here is your price of oil.
Oil wars cost money.
bush to be tried for mass murder?

HeyHey, we're heading into a Great Depression, and the American people are even WORSE off, since they are much more disconnected from the land (hence won't be able to grow their own food), our companies have much less cash on hand, and of course we now have this huge fucking MONKEY on our backs called GOVERNMENT (which is now collecting twice as much tax-per-GDP as in the 1930s).

If things were so rosy (or at least anti-sucky), the Congress wouldn't be falling all over itself to cover another $300 billion in collapsed mortgages through Fannie and Freddie. The 2nd largest bank failure in U.S. history (Indymac) just happened, and took over 10% of the FDIC's reserves with it. The unemployment stats don't reflect the real extent of un- and under-employment simply because they don't count many types of folks that any honest or rational accountant would count (like those who gave up and now live as a dependent, and particularly all those "self-employed" people who had to bail from the numerous rounds of downsizing at corporations).

The words coming out of the mouths of Bernanke and Paulson are 100% lies designed to make us all feel better while the national economy simply collapses. The account holders at Indymac were waiting in vain for the correct notice from the FDIC ... since our government does nothing but lie to us and avoid telling us the truth. Even your hero, Bush, made fiscally-conservative noises before caving in like a Liberal to support the mortgage bailouts (which are largely being used to cover BANK losses -- and those foreclosures will largely continue to occur).

Don't even get me started on the lies that issue from the mouths of McCain and Obama. They have no concept of what M3 is, why the Fed stopped tracking it officially, and what it means when a $200K mortgage collapses and turns into a $100K REO or $150K short sale. MONEY IS EVAPORATING! That's the only rational conclusion we can reach after the biggest asset-speculation bubble that Humanity has ever seen.

Shit! HeyHey, the FDIC just shut down another TWO banks on Friday! :

http://www.fdic.gov/bank/individual/failed/banklist.html

First Heritage Bank, NA, Newport Beach, CA July 25, 2008
First National Bank of Nevada, Reno, NV July 25, 2008

Notice how that list seems to be remarkably accelerating? We've accomplished as many bank failures in 2008 as have happened in the 4 years prior (2004-2007).

I've never seen more naive blather in my whole life.

Here's a whack from the cluebat for you guys: Democrats are bought and sold by big oil too.

We will never get out from under the horrible two-party system as long as morons keep believing that one side is good and the other is bad. Both would sell us out for their own gain.

more of the democrats actually care about us as opposed to the bubble making corporations that are destroying our economy. Your brush is far too broad. In reality fewer of the democrats can be painted with it. The republicans ARE the party of corporate rule.

90% of the oil rigs in the ground and water are ready for replacement, not maintained in spite of ridiculous profits by the oil companies. Its time to move to the electric cars that GM shredded, but use carbon fiber bodies as Avory Lovins speaks of.

Its also time for wind and solar in Ohio, something that would create jobs faster than all of Ohio's vanishing china bound and mexico bound punch presses. The cheap electricity would be fertile ground for new NON COAL industry.

The port authority is a town killer.

It is time for nuclear energy in Ohio. The Davis Besse plant will provide everybody with cheap electricty which will stimulate the local economy.

Wind, solar, nuclear ... none of this is happening in Ohio since we're addicted to corporate rule that insists on only using petroleum-based fuels for generating power. Coal is the only practical alternative in Ohio, since corporate generators agree to use it.

Why doesn't private industry step up and offer relatively cheap power plants for wind and solar? Oh, yeah, that's right: Because 99.9% of capital is tied up in monolithic corporations that generally feel the same about energy investment. I keep using the term "private industry", but we really don't have any of that. What we have is a thick layer of de-capitalized citizens, then a thin layer of capitalized individuals, then a huge corporate monobloc of capital, then a large layer of government capital. No matter how much need exists in the bottom layer, the cap-indiv layer only wants to pursue high-return investments like stocks, bonds and derivatives; the corp-bloc layer only wants the status quo; and the gov layer only wants to get thicker.

As usual in modern American, it remains incumbent upon individuals in the bottom layer to stop spending themselves poor and to re-capitalize the layer. Taking back control of the government layer would be OK too, but I'm hardly counting on that. But re-capitalization can happen IMMEDIATELY, and within a generation of disciplined saving, the bottom layer can be directing a lot of energy investment.

mike2005,

The report on costs to build two nuclear reactors by Progress energy and another co whose name escapes me, came down to several times the cost of wind power and even more than solar power. Nuclear power is insanely expensive. It's the most costly way ever dreamed up to boil water to run a turbine to make electricity. Its a scam, and we the taxpayers have to guard the spent fuel for the next quarter million years or so using armed guards and mid-heavy weapons. Davis Besse has almost taken us out twice, as in made the area evacuate , and no body would be returning. Then there is the pesky matter of losing a lake and lots of lives.

The sun (directly) and the wind it creates give us all the energy we need or will ever need. Using a nuclear fission reaction to boil water is like using an A bomb on an ant,, and just as silly.

Funny how everyone says the Republicans are to blame for the high gas prices, but it wasn't until the Democrats took control of Congress that it really went out of control.

Politicians are all the same, lying corrupted assholes. We need across the board term limits. Why in the hell Is Robert Byrd still in office? What is he like 106? Same for Kennedy the fat drunk, if he's the best Massachusetts has to offer I pity them.

As I recall under Clinton gas cost me less than a dollar a gallon. When Bushie got in he let them scam-trade oil under the same exception letter that Enron used to steal from everyone in California. Just like now with oil, Enron would trade electricity futures multiple times in order to drive up price. You can't pin this on the dems. You put oil pigs in office, and this is what happens to the price of oil. Like somebody said, ,"If you put Colonel Sanders in the white house, what do you think is going to happen to the price of fried fukin chicken?"

http://reason.tv/video/show/466.html

Still looking for info from a few years earlier but so far, this data shows pretty much what I said.

OOPS, wrong link.
http://tonto.eia.doe.gov/dnav/pet/hist/mg_tco_usM.htm

From the same site, I gathered these January retail prices. Well, according to this you paid under a dollar a gallon for a short time in 1999. Using these specs, the retail price of gasoline went up by .90 cents a gallon between the time Bush was inaugurated and when the Democrats took control of Congress. That amounts to an increase of 18.12 cents a year.

U.S. All grades
Formulations Retail
Gasoline prices
(cents per gallon)

Jan.18 1993- 106.1 -Jan 93 Clinton inagurated
Jan.17 1994- 100.1
Jan.16 1995- 112.6
Jan.15 1996- 114.5
Jan.20 1997- 128.7
Jan.19 1998- 112.9
Jan.18 1999- 98.5
Jan.17 2000- 131.8
Jan.8 2001- 146.5 -Jan. 01 Bush inagurated
Jan.7 2002- 115.2
Jan.6 2003- 148.7
Jan.5 2004- 155.2
Jan.3 2005- 182.4
Jan.9 2006- 237.1 -01-06 Dems take control of congress
Jan.8 2007- 235.4
Jan.7 2008- 315.9
July 21 2008 (latest data avail.)-411.8

World peak oil production occurred in 2005. We should think carefully about what that means.

Yes it peaked in 2005, and North Slope production numbers are down too,, and the Saudis say nobody wants to buy any production increases, and our oil companies have shut down over 200 refineries in the last 30 years. By having just enough refineries they can control the price. Then they can periodically shut down refineries to increase their refining capacity. Just like Enron did with power plants.

Under Bush we see a 400% increase in the price of oil that is not based on supply and demand numbers. Not yet anyway. Its speculation, illegal speculation if that Texas crude were traded on the U.S. markets instead of being traded back and forth on the Dubai market.

What are Iraq production numbers? Are we still keeping output below pre-invasion production levels?

What about the oil companies testimony that oil should be in the range of 35-60 dollars per bbl? Illegal trading and speculation is what is allowing the biggest price increase over what we saw under Clinton. The oil trading rules prior to bush letting them trade under the Enron exception letter , were designed to control speculation and especially illegal back and forth trades whose only purpose is to raise the price of oil.
When economies and nations depend on a commodity ,like oil, the trading rules were designed to limit speculation so as not to crush the nations economy. Bush is letting them get around all of that with Enron's exception letter.

Jolly ol England is saying that they will be all electric by 2025 or sooner. But with such a forward looking energy policy, heavily reliant on wind for its future, do you think they have the good sense to intentionally lower North Slope oil production as a strategic reserve. I think so.