Do you think this will lower the price of gas?

[tirebird]

The long awaited survey of arctic oil and natural gas reserves was released today. Here's the link to the U.S.G.S. news release with a link to even more details.
http://www.usgs.gov/newsroom/article...;from=rss_home

[kwhizz]

John...........Didn't you see where our "Elected" Officials said that Drilling for more Oil won't make any Difference LOL.............Seems like the "Only" Place where the Laws of "Supply" and "Demand" doesn't seem to make any difference is with them........But.....Again.......They are much "Smarter" than we are.......Aren't they????

Ken

[Mr70]

Ever notice when the price of gas goes up overnight on the world market,we see an immediate increase at the pump the next day..But when the price of gas goes down overnight,they say we won't begin to feel that decrease at the pump for months..

[427TJ]

Saw an article online today (analyst prediciton stuff) that said that gas could be down to $3.50 by labor day.

Found it: http://cbs2chicago.com/local/gas.pri....2.778351.html

I'll believe it when I see it, of course.

[tirebird]

Me too, 427,....out here in the people's republic of California, with boutique blends of gasoline designed to meet different emission standards for different parts of the state, I'd be happy with $4/gallon by Labor Day.

[69 Post Sedan]

[ QUOTE ]
Me too, 427,....out here in the people's republic of California, with boutique blends of gasoline designed to meet different emission standards for different parts of the state, I'd be happy with $4/gallon by Labor Day.

[/ QUOTE ]

Wow, I don't feel too bad if someone is hoping for $4.00 by Labor Day. I just saw $3.98 a gallon today.

[68 Vert]

Until the oil companies decide to replace imported oil with domestic oil this won't make much difference.
Domestic crude oil production has been cut in half since 1970 and has been replaced by imported oil. I suspect until the last couple of years, it was cheaper to buy foreign oil instead pumping it out of US soil...

If you want to get educated in oil production, refinement, importation, capacity, history etc. go here, it's very informative:
Energy Information Administration

Mike

[TimG]

Retailers really don't make much on a gallon of gas, that's why they hold the prices when fuel goes down and increase them immediately when the price goes up. An independent retailer may make ten cents per gallon, when a credit card company charges them 3% of the cost of a gallon of fuel they cut into that margin by about 100%. Retail fuel sales is a tough business, they need to have you buy all the inside the store items to make it because they don't make much on the fuel.

[Kim_Howie]

Watch this!!http://youtube.com/watch?v=UOpcPfAarjY

[Kim_Howie]

Somebody make above clickable?