Poll: Will Gas Hit $5/Gal by 4th of July?

[Allen K. Littlefield]

Originally Posted by tonycarreon

would not matter:
1. oil is sold on the global market - just because it was extracted in the US does not mean the gasoline would be put into your car
2. OPEC would decrease their output proportionally with our output
3. even if we opened more areas for drilling tomorrow, it would be years before it was extracted and refined into useable gasoline or other petroleum products
4. us oil production is up already - we have gone from 7.6m bbl/day to just over 9m bbl/day in 2010. the us is the #3 producer in the world.
5. exxon (and other refiners) are not complaining that oil supply is too low

I beg to differ. The greater the supply the less it costs. When we used to do more drilling and refining here the price wasn't so high. Sure it is sold on the global market but a glut means lower prices. Just like a bad corn crop means higher prices and a bumper crop means lower.

Fine if OPEC cuts out production. Maybe more of our gas money would stay home and we wouldn't be so DEPENDENT ON FOREIGN OIL, no? Also we would no longer be funding terrorist states. They wouldn't have as much to spend on nuclear bomb programs etc. Even the price of AK47s would go up for them.

This argument about 15 years before we had any results is an old Democrat talking point. I heard that 30 years ago. 15 years went by and we hadn't done a thing. Another 15 goes by and we still haven't built new refineries. You could use that argument for a number of things but it has no validity, sorry.

Now how about your take on the role of govt. with a hostile policy on energy production? Do you think that may have an influence on the price? Oil prices soared after NObama delcared there would be no drilling ANYWHERE ( but then lends tax money to Brazil to drill and develop oil). I really would like your take on a president who says he will bankrupt coal companies....where in the constitution does he get that power?

AKL