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Discussion in 'News / Current Events' started by Salty, Sep 10, 2014.
From AOL story
Probably would lower gas prices temporarily, until another 10 million Indian and Chinese people buy cars, which would take less than a year.
From the article:
The study calculates that pump prices would fall 2 cents to 12 cents per gallon on average, depending on how much oil is ultimately found and when the export restrictions are lifted, because oil prices would fall.
Is that REALLY a price decrease? That's 0.6% to 3.4%. Two to twelve cents a gallon translates to about 25 cents to $1.38 per week in "savings" for the typical American driver. Big deal.
Here in Cali ....
... I feel like I should be invited to some of those royal Saudi banquets. If Obeyme would open the reserves like others have we'd see lower prices. I know $4.00 a gallon gas gives Gov. Brown a happy feeling, the state pulls down a lot from the gas sales.:smilewinkgrin:
The Democrats have choked off domestic production because they don't want to drill on federal land west of the Mississippi. It would be foolish to sell our oil overseas. The key to improving our economy is to increasing drilling and lowering the price of oil at home. The Democrats want a bad economy for political reasons. The Democrats reason that any opposition to them is racist.
Suppose it is now legal to sell crude oil overseas. Suppose you are a U.S. oil company executive. You can sell 250,000 barrels of oil to a US refinery for $100 a barrel, or you can sell 250,000 barrels of oil to an overseas refinery for $110 a barrel. What will you do???
Yeah we know .....
.... the truth is, Capitolism has created a bunch of greedy folks! And that is a shame!
The point of the story is that if the US floods the world with more oil - the supply will be more than the demand - and thus lower prices.
If Burger King sells burgers for $1 each and then In the Light opens up a burger joint across the street and sells burgers for $0.75.
Then Church Mouse Guy opens up another one up the street and charges $0.70 for a hamburger, what do you think that Burger King will do?
One problem, Salty, is that Europeans are too lazy to go find more oil for themselves. They will just wait for the USA to subsidize them, as always.
Yes, temporarily, until oil producers figure out they've got a surplus of oil and dwindling profits and then decide to reduce drilling.
I know where you're going with this analogy but it's not a valid comparison.
Burger King would either lower prices on burgers, promote a product that CMG and I don't have at our restaurant, come up with specialty burgers, or go out of business.
But people don't have a NEED for hamburgers. They do need oil and gasoline. They are going to buy it no matter what. So price is not the dominant factor in its demand. Also, oil and gas is the same everywhere. There is nothing a producer can do to differentiate their product from a competitor's.