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Location: Just East of the Southern Portion of the Western Part of PA
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Of course, the other way to cut prices is to increase supply, and Bachmann and other politicians argue that we could do so by opening up more territory for oil exploration in the U.S. — a policy known in 2008 as "Drill, baby, drill." She's right — up to a very, very, very small point. For one, the U.S. under Obama is already producing more oil than it did before he took office. Thanks in part to new shale oil deposits, the U.S. produces a million and a half barrels of oil more today than it did in 2005 — yet during that same time period, gas has gone from about $2 a gallon to $3.50, with large spikes in between. And even if we opened up everything to drilling, it wouldn't make much difference at the pump. A 2009 study by the U.S. Energy Information Administration found that opening up drilling areas off the East Coast, West Coast and the western coast of Florida would yield 500,000 extra barrels of oil a day by 2030. That might sound like a lot — except the world consumes 89 million barrels of oil a day, and by then will almost surely be using much more. Five hundred thousand barrels is a drop in your gas tank. Assuming OPEC simply reduced its own production to account for increased American drilling — which it would — prices at the pump might drop a whole 3 cents a gallon.
So yes, it is about supply and demand. The problem, however, is that we cannot really have a significant impact on supply and OPEC would offset any new oil anyways. The reality is that none of us are going to be able to do a whole lot about gas prices. All we can really do is conserve and explore other forms of energy.
And we have been exploring alternative energy sources for how long now----40 years or so???
I remember the oil embargo of the early 70s and other shortages causing price spikes and long gas lines through the years, and the refrain is lets get on the stick and explore alternative energy sources.
What happens, price drop or plateau for awhile and the demands for other options drops.
Where are the moves for ethanol, natural gas, hydrogen, or other sources-----dust in the wind I guess.
The only other option than is to greatly increase auto standards on mpg------and hope that this country loses it appetite for monster trucks and suvs.
Sky-high gas prices and record volatility are in large part the result of excessive oil speculation, an oil market corrupted by unregulated Wall Street traders who buy and hold onto oil futures contracts with no interest in the actual delivery of oil.
The Koch Industries, an oil pipelines and refining company, is in the forefront of speculating on oil for profit.
Even Goldman Sachs concedes that at least $27 of the price of crude this year has been as a result of rampant speculation, not supply and demand, according to thinkprogress.org. Other experts have said that number is closer to fifty dollars.
Record-high oil prices demand a target, and some politicians are increasingly pointing the finger at speculators in the commodities futures markets. But high oil prices are due to restricted supply, booming demand, and a weakening dollar[
Tell me Coach, if you place a bet on the results of a coin flip, does that change the number of times a coin will land on heads? NO IT DOES NOT.. But you want us to believe that because speculators are betting on the flipping of gas prices, that all of a sudden, gas prices go up because 1 speculator bets heads, while another one bets tales? hogwash..
Follow this up with federal governments own reports http://www.washingtonpost.com/wp-dyn...091103445.html A federal regulator said yesterday that market speculators probably were not responsible for recent increases in the price of oil, contrary to the assertions of some experts and members of Congress.
You are being LIED TO, and you left wing liberals dont think about these lies and you just run around repeating them as the truth,
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