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Oil price is set by the stock market and demand. With Asia and other nations buying oil at any price and the dwindling supply it will be high. Oil peaked out in the USA in 1970, it most likely is peaking out now or has with in the past couple of years. Oil peak is like a recession you don't know you are in one till you are well past the beginning. There has not been a major find in oil for some 12 years or more. We get most of our oil from the tar sands of Canada, and the shale deposits in the Midwest cost 2 barrels to get 3 out. We have to cut usage and look at wind and solar, long distance high speed rail, stop the idea that we are entitled to the 3000 mile Cesar salad. You people who think we can drill our way out of this have no idea what is going on.
When have we tried to increase drilling? Was it under Clinton, Bush, 0bama?
If you want our nation to be dependent on foreign oil, then don't drill domestically. Which is what 0bama and the left want, less domestic, more foreign, and higher energy costs.
Oil prices are set in the futures market, and the people are speculating that America will pump less oil, and prices will soar.
Just for reference, here's a chart on average US gas prices over the last 72 months from gasbuddy.com. Looks like the 5-year high was 4.12 in July of 2008. Gas Price Historical Price Charts - GasBuddy.com
The only people he has done anything for are those on welfare, not the hard working middle class. His policies just keep making our lives more and more difficult.
Even Pat Buchanan said presidents have no control over the price of Oil........
Government policies most certainly have a direct effect on the price of energy. For example we have many regualtions contolling emissions from power plants, it costs money to implement those regualtions increasing the cost to the consumer.
I swear to God the people on City Data have to be the dumbest on the planet! Gasoline prices are controlled by world markets & market speculators not by the President of the US! How many of you know that the OIL drilled in the US is usually exported mostly to Asia? We could drill our butts off yet that OIL will go to the highest bidder and where it's most profittable for OIL companies and usually that is not the US
President Obama is not the CEO of Exxon-Mobil or any other Oil and Gas company!
The first statement is a complete lie and I had to stop there. Gas was $3.11 a gallon when Obama was sworn into office. Gas prices were soaring under Bush, while he and his big oil cronies were laughing all the way to the bank. Remember when you couldn't give away an SUV a few years ago? Obama got the prices down a few months after getting into office from the disastrous republican administration.
you lie...but what else is new
the average gas price was 1.84 the week obama was sworn in
When have we tried to increase drilling? Was it under Clinton, Bush, 0bama?
If you want our nation to be dependent on foreign oil, then don't drill domestically. Which is what 0bama and the left want, less domestic, more foreign, and higher energy costs.
Oil prices are set in the futures market, and the people are speculating that America will pump less oil, and prices will soar.
Your presumption is that the rising cost of gasoline is caused by a shortage of gasoline or crude oil. It is not. There is ample supply of both. In fact, the Saudis just cut supply because there is too much on the market. Thus, increasing drilling (even if the government could force private companies to do so) won't make the price lower.
It's quite enlightening reading posts from conservatives complain about the price of a commodity entirely controlled by private companies and further complain that President Obama should intervene and cause it to be lower.
There are plenty of permits out there that oil cos have a right to drill. They don't because they don't need to flood the market with oil.
the looney left was sure yelling that bush was to blame...so then obamy must be too
that works both ways, if bush was not responsible for high oil than neither was Jimmy Carter or Obama. You can't have it both ways, wait, you are a republican so in your fantasy world you can, just not in the real world, but you don't live there. LOL
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