$1 a gallon gas this summer!!!!

[Brucelee]

Originally Posted by bmx672

What I was doing with this thread guys is illustrating that it's pretty absurd to think that ONE MAN can influence the world economy.

When gas hits $3+ a gallon next time, on Obama's watch, you better believe I'm going to mention it to all of his supporters that previously blamed GW for the spike. I'm going to complain that Obama's "in bed" with the oil companies.

By the way, when GW let the off-shore drilling ban expire gas went down overnight... that's without even drilling. Opec does not want competition. Now wait untill "The grat one" puts the ban back in place... prices will go up... big deal, more tax $ for the government anyway right.

Very valid points. On the price issue, S and D works, short and long term. I think you see that very clearly when folks decided they would or could not buy as much gas as they did previously. Price of oil is still in free fall. Good for us, bad for them.

If BO or anyone for that matter restricts supply in any way, the price will respond.

I do predict however, that BO will go for a huge tax increase on gas, citing the usual liberal litany of good reasons why this makes so much sense.

Hope I am wrong.

[Brucelee]

Man, this must be pissing OPEC and the Russians off. Not to mention Chavez.







Jan. 20 (Bloomberg) -- Crude oil fell below $33 a barrel in New York as the strengthening dollar reduced the appeal of commodity investments at a time when demand is declining and stockpiles are rising.

At Cushing, Oklahoma, where the benchmark oil for New York futures is stored, inventories have climbed to 33 million barrels, the highest since records started four years ago. The February contract will cease trading today, so traders have to sell futures or accept the barrels at a time of falling demand.

“Traders are rolling over to the next month to avoid delivery and the dollar is rallying,” said Andrey Kryuchenkov, an analyst with VTB Capital in London. “All this against a background of falling demand and easing geopolitical tensions.”