The reason for falling oil prices explained (maye)

Not really, Washington or even the President has very little control over the price of gas.

They don't have control over the prices of oil/gas, but, I can see them justifying adding more taxes to the price / gallon to compensate for their inability to govern efficiently.

bigred1cav wrote:
election is over Republicans won, prices will skyrocket.

Not really, Washington or even the President has very little control over the price of gas.

election is over Republicans won, prices will skyrocket.

guru oil guy on the stock market says gas by Xmas $2.50 a gal good for a couple years.

The article is fairly accurate:
Overseas production UP
North American production UP

World Wide consumption flat to declining (depends on market and who is measuring)

Saudi would like to undercut Fraking by reducing the price.

Saudi, US and Europe like the price cuts as it undermines the ability for Russia and Iran to spend on arms and armament.

There is an OPEC meeting later this month Venezuela & Iran is expected to push for production curbs.
Russia will also.

It is expected that Saudi, Iraq, Kuwait & Liberia will resist.

Neither North America nor North Sea production is expected to cur production.

DutchmenSport wrote:
No. Bunch of garbage there. yesterday was election day. Now that it is all over watch prices skyrocket again. Unfortunately oil = politics. My post may be too political and get deleted. I will take my chances.

I will take your comment for what it is worth.

There is also discussion that Saudis are allowing oil prices to fall in order to hurt the Iranian economy (Saudi oil is cheaper to produce per barrel than Iranian oil). What I want to know is why diesel is running almost 80 cents a gallon more than gasoline? It annoys me to see local service stations advertising regular unleaded at $2.99 but still demanding $3.79 a gallon for diesel!

Read about this the other day. The Saudies are driving down the price to try to put frackers out of business. New fracking sites are too expensive at $80.00 pre. But existing sites can operate down to $70.00 per. The Saudies see their influence going away, and are trying to get it back. Thing is. Wwhen they drive the price back up. The Frackers will start right back again.

I disagree with that article to a certain extent- it has been widely reported that oil below $80/bbl makes fracking unprofitable, so OPEC is cutting the price.

You know that boom in North Dakota? If they can sustain prices this low, that will be a bust, with the locals left with a disaster.

No. Bunch of garbage there. yesterday was election day. Now that it is all over watch prices skyrocket again. Unfortunately oil = politics. My post may be too political and get deleted. I will take my chances.