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I agree that more domestic and local offshore drilling will not lower gasoline prices.
Prices of petroleum products are not set by a free market considering supply and demand. Prices have been controlled by an oligopoly since the founding of Standard Oil in the 1800's. This oligopoly has become worldwide and is designed to control supply (the primary reason we are in Afghanistan is to provide the current petroleum oligopoly control over Central Asian oil) to prevent any drop in prices. These people have been stealing money from oil consumers for over 100 years and show no sign of stopping.
Now that most of the large easily pumped oil in North America has been already developed the remainder will have no effect on worldwide prices. The point of the price fixing is to maximize profits (ever wonder where Arabia's billionaire sheiks came from) while providing for steady growth in use. About 20 years ago this changed to just maximizing profits by whatever means necessary.
The fuel users of America have as much effect on pricing as we have on the rest of our economy and government. We are being manipulated to crease a one sided economy that feeds endless profits to our Merchant Princes and Investor Aristocracy.
This could be the silliest thread I have read in some time. Of course increased oil supply decreases price. Who cares were the oil goes? The price of a barrel of oil is the same world wide. Increases in the overall supply of oil lowers the overall price per barrel.
What neither of the above posters seem to grasp is, OPEC manipulates prices by manipulating supply. World commodities markets set the price based on supply. If the US and non OPEC countries contributed more to supply the lass OPEC would be able to influence overall supply.
This could be the silliest thread I have read in some time. Of course increased oil supply decreases price. Who cares were the oil goes? The price of a barrel of oil is the same world wide. Increases in the overall supply of oil lowers the overall price per barrel.
If this is true then why, before the off shore moratorium, were gas prices still rising? We were drilling more at home than we had been before with a boom going on in North Dakota, Texas and Alaska holding steady, and a boom going on off shore??
If this is true then why, before the off shore moratorium, were gas prices still rising? We were drilling more at home than we had been before with a boom going on in North Dakota, Texas and Alaska holding steady, and a boom going on off shore??
Many reasons but a big part was and is due to rising demand in China.
But demand has been increasing along with supply. China's and India's automotive markets have been growing by leaps and bounds.
It's the interplay between changing levels of supply and demand that sets the world price. That and market speculation - commodity bubble anyone?
Of course, which I explained above.
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