gas prices and obama

Discussion in 'Politics' started by sifreak21, Mar 1, 2012.

  1. joepistole Deacon Blues Valued Senior Member

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    The bottom line her Arthur is that you were engaging in baseless speculation again. OPEC has been and continues to be a manipulator of oil prices by actively managing the global oil supply.
     
    Last edited: May 3, 2012
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  3. adoucette Caca Occurs Valued Senior Member

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    I didn't say they weren't.
    What I said was that if the US had actually become a net exporter of oil in 2011, that would increase the Global Supply of OIL by over 33% of the current OPEC production and that HUGE of an increase in supply, considering demand would not similarly change, would lower the price of oil.

    Basic Supply and Demand.

    Yes, OPEC would likely reduce production somewhat to lower Supply and thus keep the prices up, but unless they cut their production by 33% and kept it that low, a very unlikely scenario, the price of oil would drop.

    But this is a MOOT POINT as the US is not a net exporter of oil and there is virtually no chance that it will become a net exporter of oil anytime in the near future, not when our use of oil exceeds our production capability by nearly 9 million barrels of oil per day.
     
    Last edited: May 3, 2012
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