price of oil goes up then down on increasing us oil supply

\\(())// said:
"When Bush did it, the price dropped dramatically."


Seriously?


Not immediately, although they did temporarily drop.


But then they rose again.
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true, it wasn't immediate.....it didn't start for nearly two days.....and it was only temporary.....it only lasted from July, 2008 until February, 2009.....when Obama restored the restrictions.....and then it started going up again......
 
\\(())// said:
But PiMP says if only Obama did what Bush did, gas prices would fall....dramatically.
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it would be an interesting experiment.....and one that the board liberals claim they want, and the board conservatives certainly do.....odd that Obama is opposed to it......sort of like he's all alone.......why do you suppose he doesn't want domestic production?......
 
PostmodernProphet said:
it would be an interesting experiment.....and one that the board liberals claim they want, and the board conservatives certainly do.....odd that Obama is opposed to it......sort of like he's all alone.......why do you suppose he doesn't want domestic production?......
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Since domestic production is higher now than it's been since 2003, where'd you get the idea "he doesn't want domestic production"?


The United States reduced net imports of crude oil last year by 10%, or 1 million barrels a day.

The U.S. now imports 45% of its petroleum, down from 57% in 2008.

U.S. crude oil production increased by an estimated 120,000 barrels a day last year over 2010.

Current production, about 5.6 million barrels a day, is the highest since 2003.

The U.S. has been the world’s largest producer of natural gas since 2009

Use of renewable sources of energy, such as wind and solar, is still relatively small but has doubled since 2008.

http://articles.latimes.com/2012/ma...mestic-production-highest-since-2003-20120311
 
\\(())// said:
Since domestic production is higher now than it's been since 2003, where'd you get the idea "he doesn't want domestic production"?
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you mean you weren't aware that domestic production on land he has authority over is down?......that's been shown on more than one of the threads you've been pwned on.......apparently you have so many you don't have time to read them all......just think how high production would be if he hadn't put the restrictions back in place......
 
PostmodernProphet said:
you mean you weren't aware that domestic production on land he has authority over is down?......that's been shown on more than one of the threads you've been pwned on.......apparently you have so many you don't have time to read them all......just think how high production would be if he hadn't put the restrictions back in place......
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So your contention is that the only thing standing in the way of cheap gas is increased production on federal land, even though domestic production is already higher than it was in 2008 and prices still rose and fell?


From 2008, the Golden Age of Gas (according to you):

High prices and a slowing economy are leading consumers to significantly cut back on their driving, a development that could limit the pain at the pump this spring and summer.

U.S. drivers pumped 1% fewer gallons of gasoline on average during the four weeks through Feb. 1 compared with the same period a year ago, according to the Energy Information Administration, the statistical arm of the Energy Department.
That was the second-consecutive week of year-over-year drops. During the last 10 years, weekly gasoline demand has risen 1.6% on average.


"It's prices and the economy," EIA senior oil market analyst Douglas MacIntyre says. "We've had several months of $3 or so gasoline. People are probably thinking it's more lasting than a price spike. (And) the slowing down of the economy means people are buying less, going to the store less … people are just changing their driving patterns."


Bill Douglass, owner of Sherman, Texas-based Douglass Distributing, a petroleum distributor and retailer with 15 service stations, says gasoline sales have fallen 3.5% in the past few months at stations open at least a year. He thinks people are making a conscious effort to consolidate trips to save gas.


"People are becoming more concerned about the economy," he says.


New York City-based Extreme Entrepreneurship Tour, which does presentations on college campuses to promote entrepreneurship, has had to turn down some business because of elevated gas prices, CEO Michael Simmons says.
Simmons and three colleagues travel from school to school in a 30-foot-long bus that gets 6 to 8 miles per gallon. "It eats out of our profits," he says, noting he has not raised prices to offset the higher fuel costs.


The U.S. average price for a gallon of regular was $2.972 Thursday, down 13 cents from a month ago, but up 79 cents from a year earlier, according to motorist club AAA and the Oil Price Information Service.


OPIS analyst Tom Kloza says the "lousy" gasoline demand will help lower prices further in coming weeks. Falling oil prices, which are more than $10 lower than when they topped $100 a barrel earlier this year, are also helping to reduce the cost at the pump.


Softer demand will also limit the usual run-up in the gas price in the spring when demand rises and states switch to costlier summer-blend fuels, Kloza says. He predicts retail gasoline prices will rise about 50 cents during the usual spring rally.



http://www.usatoday.com/money/industries/energy/2008-02-07-driving-less_N.htm
 
PostmodernProphet said:
obviously from prior to July, 2008, which was the date that Bush removed the restrictions on domestic production......
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And you are certain that the action Bush took was solely responsible for cheap gas?

Please, cite your source.
 
\\(())// said:
And you are certain that the action Bush took was solely responsible for cheap gas?

Please, cite your source.
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actually, I think I've said (perhaps seven or eight times) that I'm sure it's sheer coincidence that the price of gas started going down the day he did it.....

here's another sheer coincidence.....

A pledge from Saudi Arabia to pump more oil to cover supply shortages and new signs that China’s economy is slowing helped sink oil prices Tuesday.
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http://www.washingtonpost.com/national/oil-prices-fall-on-promise-by-saudi-arabia-to-keep-markets-supplied-with-oil/2012/03/20/gIQAll6TPS_story.html
 
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