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Tropical_Man 67M
6573 posts
11/19/2008 3:48 am
Here is an example of misleading people on Gas Prices


In his article they paint doom and gloom and act like consumption and demand are the primary scource for gas prices going down. Conumption does have a little to do with this. But not the picture that they paint. Prices have went down mainly because President Bush's executive decision to drill offshore has been passed. If we do do that and also build a few more oil refineries we will not be dependent on foreign oil whatsoever.

That in itself scares the be gee bee's out of them. Oil is not just used for gasoline in the united states. Many products are used with oil that might surprise you. Since 1996 the USA consumes 12% more than it can produce each day. That can easily be changed by using our own rescources. Oil does not come from dinosours. It is regenerated in the earth from its own pressures.


LONDON (Reuters) ‒ Oil prices fell toward $53, touching a fresh 22-month low on Wednesday, due to increasing signs of weakening demand as economic gloom deepened.

U.S. light crude fell as low as $53.30 a barrel, the cheapest price since January 2007. It was trading 69 cents lower at $53.70 by 0926 GMT.

London's Brent crude fell $1.23 to as low as $50.61.

Oil has slid by about one-third from its record highs above $147, struck in July.

"With no end in sight for the global economic turmoil, traders continue to focus on the lack of demand heading into 2009," said Jonathan Kornafel, Asia director of U.S.-based options trader Hudson Capital Energy.

"It is becoming quite evident that demand may actually drop from 2008 to 2009."

European and Asian shares fell as Japan's No.3 bank joined larger rivals seeking to bolster its capital in the face of the worst financial crisis in 80 years. Markets fretted over the stricken U.S. car industry.

European Central Bank President Jean-Claude Trichet said the deep crisis was the first time since World War Two that the finances of the industrial world have been at stake.

The oil market was also closely watching U.S. weekly oil data due out at 1535 GMT on Wednesday as well as any moves from the Organization of Petroleum Exporting Countries (OPEC) at their meeting next week.

Analysts in a Reuters poll expected the U.S. oil data would show an increase of 800,000 barrels of crude stocks, and a 400,000 barrel rise in gasoline inventories. Distillate stocks, which include heating oil and diesel, were forecast to have risen 600,000 barrels.

The American Automobile Association (AAA) motor group said on Tuesday that U.S. travel for the upcoming Thanksgiving holiday next week would decline for the first time since 2002.

OPEC, the source of one-third of the world's oil supplies, is very concerned about worsening world economic slowdown but is unlikely to take action on output at its meeting in Cairo on November 29, OPEC President Chakib Khelil said in remarks published on Wednesday.

"The Cairo meeting would be an internal debate, and I do not think we would take a decision, because we will not have all information, and I do not think there is any need for action before making sure that all members have applied the previous decisions," he was quoted in El Khabar newspaper as saying.



hmcsb 57M

11/19/2008 5:15 am

The lower oil prices also hurts our enemies that supply us with oil like Venezuela, Iran, etc. Even our so called "friends" are hurting as well like Saudi Arabia and Russia. The dirty little secret is they use our oil money to finance terrorism. Mostly against the West and the United States.

That's why it is within our national interests to start drilling our own oil. We haven't built a new oil refinery in this country since the 1980s! What refineries we have in place now can't keep up with the demand. Gas prices will skyrocket upwards because the supply is limited to our refinery capacities, and when the economy begins rolling again we'll be right back to 4 dollars a gallon.

With the slowdown in the economy, gas prices where I live is about $1.85 a gallon. Lower demand. Build up in supply.


Tropical_Man 67M
6389 posts
11/19/2008 3:54 pm

its been longer than the 80's its almost 40 years now.