Bachmann: I'll bring back $2-a-gallon gas

[News Feed]

President Michele Bachmann has a promise: $2 gas.

Original Source: CNN
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[redrumloa]

 

[Dammy]

In theory, she could very easily do it. Oil companies of course will want her not elected as they like the money they are earning. Remember, prior to Obama's election, we were paying under $2@ gallon and the reason why we are being raped is chiefly do to Obama and his administration's regulations and refusals to all more drilling.

 

[redrumloa]

In theory, she could very easily do it. Oil companies of course will want her not elected as they like the money they are earning. Remember, prior to Obama's election, we were paying under $2@ gallon and the reason why we are being raped is chiefly do to Obama and his administration's regulations and refusals to all more drilling.

She gave no details so as far as I am concerned it is just lip service. Drilling alone will not lower gas prices. We do not have a shortage of oil, reserves are still near all time highs. We do have a shortage of refineries. We were at ~$2.00 a gallon when Obama was elected primarily because of the economic crisis of the time. Things are certainly worse now thanks to Obama/Bernanke inflation and Obama/bernanke devaluation of the dollar.

Is it possible to get gas under $2.00 again? Yes, with another stock market collapse. Is it possible without a stock market collapse? Unlikely unless drastic measures were taken in many areas and no one except Ron Paul would have the political will to take the needed steps.

 

[Dammy]

She gave no details so as far as I am concerned it is just lip service. Drilling alone will not lower gas prices. We do not have a shortage of oil, reserves are still near all time highs. We do have a shortage of refineries. We were at ~$2.00 a gallon when Obama was elected primarily because of the economic crisis of the time. Things are certainly worse now thanks to Obama/Bernanke inflation and Obama/bernanke devaluation of the dollar.

Is it possible to get gas under $2.00 again? Yes, with another stock market collapse. Is it possible without a stock market collapse? Unlikely unless drastic measures were taken in many areas and no one except Ron Paul would have the political will to take the needed steps.

No you are wrong, stop looking nationally and look internationally. You take the US out of the oil importing nations (we import 12M barrels per day), you will see the world price of oil drop like a stone. It is all about supply vs demand, that is what drives the investors who drive the price of crude up. The reason why the last cheap gas was Indonesia oil began to flow that pushed oil down, the world wide slow down added on top to that. If it's not about oil supply, why did oil go through the roof when Egypt riots threatened oil flow through their canal? Why did oil go up when Libya oil (2M barrels @ day) stop flowing? Why is oil still high? Answer is supply is missing 2M barrels per day until Winter and then it'll only be 1.5M barrels of oil per day short. I look to more oil production countries being effected by the Muslim Brotherhood next year or early 2013.

 

[Glaucus]

Red is right, supply is strong, but demand has gone up. China is consuming like crazy and that will continue to increase. Oil after all is traded on futures. And regardless of where oil is extracted from and where it's sold, it will always be sold at the world market value - selling for less is just stupid.

Wanna see $2 gas again? The US dollar needs to rebound. Buying power is a huge factor. But demand will also need to go down a bit. What I wanna know is why prices at the Canadian pumps go up when the Canadian dollar goes up as well.

 

[cybereye]

Red is right, supply is strong, but demand has gone up. China is consuming like crazy and that will continue to increase. Oil after all is traded on futures. And regardless of where oil is extracted from and where it's sold, it will always be sold at the world market value - selling for less is just stupid.

She gave no details so as far as I am concerned it is just lip service. Drilling alone will not lower gas prices. We do not have a shortage of oil, reserves are still near all time highs. We do have a shortage of refineries. We were at ~$2.00 a gallon when Obama was elected primarily because of the economic crisis of the time. Things are certainly worse now thanks to Obama/Bernanke inflation and Obama/bernanke devaluation of the dollar.

Is it possible to get gas under $2.00 again? Yes, with another stock market collapse. Is it possible without a stock market collapse? Unlikely unless drastic measures were taken in many areas and no one except Ron Paul would have the political will to take the needed steps.

I agree both of them. The only part that Redrumloa and I disagree is about shortage of refineries and I will leave with that. It will always be a never ending argument with that subject. It just a matter of time to see who is correct.

 

[faethor]

Remember, prior to Obama's election, we were paying under $2@ gallon and the reason why we are being raped is chiefly do to Obama and his administration's regulations and refusals to all more drilling.

This is an outright lie.
March 2008. $3.28 per gallon. http://money.cnn.com/2008/03/10/news/economy/gas_prices/index.htm
June 2008. Fox pushes articles about the impending danger of $4/ gallon gas that was just around the corner. http://greenroom.blogs.foxnews.com/2008/06/17/gas-prices/
Oct 2008. $2.66 per gallon. http://news.consumerreports.org/cars/2008/10/gas-prices-2.html

This under $2/gallon must have been limited to your area of the US with some serious frequent shopper discounts.

It is all about supply vs demand, that is what drives the investors who drive the price of crude up

You forget about the speculation marketplace. Oil prices have been high because people have bet the price up. Libya has nearly 0 impact here. It was fear that it would be worse, speculation, that had the biggest impact. Supply and Demand has changed minorly but insufficently to cover the delta.