If you knew anything about the oil market you would know that the oil companies are not allowed to set their own prices. Exxon has literally no say regarding the price at the pump.
Price per barrel is determined by the average of the three NY commodities exchanges. These prices are determined like the value of any other commodity such as gold, iron, wheat and so on. If investors think there will be a scarcity, they buy up more shares and this drives up the value, if they think demand is falling they sell off shares and the price comes down.
Try doing some research before throwing out assumptions.
Fear of Obama? You have to be kidding! You're going to see fear but it won't be of Obama except by those who hope we maintain our strength militarily. As far as price gouging, how come you're blaming Exxon and not Citgo, owned by your buddy Hugo Chavez? He's made millions off of he high gas prices too. There has been no price gouging going on, if there had been Pelosi and Reid would have hauled their butts before Congress and had them in jail by now. Remember, big oil is to blame for everything except when it's convenient to blame George W. Bush, Dick Cheney, and Carl Rove.
Gas went down because of supply and demand. The global economy has seen a significant decline which has resulted in a lower demand of oil. The oil industry has been operating at full capacity to provide oil for China and the United States. People have been cutting back there intake of gas which has resulted in a surplus. The price of a barrel of oil has gone down in the the past month.
Supply and Demand is one reason, The dollar getting stronger is another - which in my personal opinion is one of the biggest reasons and if you look at the market, Oil has been keeping with it meaning... as the market been going down so has Oil, when we get a small influx during the day, so does Oil.
Obama has absolutely zero do with the price of oil. Nada zip zeltch. Neither does Bush. The Market dictates to price of gas not the government.
Decreased demand in the present; projected decreased demand in the future. Also, oil is priced in dollars. "Ceteris parabis," (all other things equal) if the dollar declines in value against other major currencies then the price of oil goes up. If the dollar goes up in value then the price of oil goes down.
I just *love* it when the oil companies make a huge profit. It means that they paid huge taxes to the government and have the funds necessary to find & develop more oil; "rinse, repeat." Its a win-win-win; the oil companies, consumers and the government all win.
Downsday, I agree that there is reason to fear Obama: before he was elected he was publicly endorsed by the leadership of Cuba, Iran, North Korea and the terrorist organizations Hamas & Hezbollah. 52% of the electorate must be "dumber than dirt" (or out-and-out traitors).
I voted for the candidate who had gone to war for America, like I did and my father before me.
Over the summer when gas prices were sky high, people cut down on their driving while refineries were still running full. Now there is a surplus. Hence, prices are down.
Gas prices went down, because before Obama was elected as president, our democratic congress closed the Enron loophole. Very interesting deal, you should look it up online and educate yourself.
Answers & Comments
Verified answer
The Democratic party is in control and the gravy train of fleecing America and paying terrorists blood money has come to an end.
If you knew anything about the oil market you would know that the oil companies are not allowed to set their own prices. Exxon has literally no say regarding the price at the pump.
Price per barrel is determined by the average of the three NY commodities exchanges. These prices are determined like the value of any other commodity such as gold, iron, wheat and so on. If investors think there will be a scarcity, they buy up more shares and this drives up the value, if they think demand is falling they sell off shares and the price comes down.
Try doing some research before throwing out assumptions.
Fear of Obama? You have to be kidding! You're going to see fear but it won't be of Obama except by those who hope we maintain our strength militarily. As far as price gouging, how come you're blaming Exxon and not Citgo, owned by your buddy Hugo Chavez? He's made millions off of he high gas prices too. There has been no price gouging going on, if there had been Pelosi and Reid would have hauled their butts before Congress and had them in jail by now. Remember, big oil is to blame for everything except when it's convenient to blame George W. Bush, Dick Cheney, and Carl Rove.
Gas went down because of supply and demand. The global economy has seen a significant decline which has resulted in a lower demand of oil. The oil industry has been operating at full capacity to provide oil for China and the United States. People have been cutting back there intake of gas which has resulted in a surplus. The price of a barrel of oil has gone down in the the past month.
Supply and Demand is one reason, The dollar getting stronger is another - which in my personal opinion is one of the biggest reasons and if you look at the market, Oil has been keeping with it meaning... as the market been going down so has Oil, when we get a small influx during the day, so does Oil.
Obama has absolutely zero do with the price of oil. Nada zip zeltch. Neither does Bush. The Market dictates to price of gas not the government.
It is nice to have prices down though!!
Decreased demand in the present; projected decreased demand in the future. Also, oil is priced in dollars. "Ceteris parabis," (all other things equal) if the dollar declines in value against other major currencies then the price of oil goes up. If the dollar goes up in value then the price of oil goes down.
I just *love* it when the oil companies make a huge profit. It means that they paid huge taxes to the government and have the funds necessary to find & develop more oil; "rinse, repeat." Its a win-win-win; the oil companies, consumers and the government all win.
Downsday, I agree that there is reason to fear Obama: before he was elected he was publicly endorsed by the leadership of Cuba, Iran, North Korea and the terrorist organizations Hamas & Hezbollah. 52% of the electorate must be "dumber than dirt" (or out-and-out traitors).
I voted for the candidate who had gone to war for America, like I did and my father before me.
--sign me "a retired soldier in Houston, Texas"
<sarcasm>
Since Bush controls the gas prices so his cronies can rake in the millions, he must have the power to lower gas prices too.
</sarcasm>
Or, maybe cause people actually have adjusted their driving habits and demand for oil world wide has gone down.
Economics 101. Supply and demand.
Over the summer when gas prices were sky high, people cut down on their driving while refineries were still running full. Now there is a surplus. Hence, prices are down.
Decreased demand due to worldwide economic downturn.
I'm sure that Exxon-Mobile will still manage yet another record profit this quarter.
Gas prices went down, because before Obama was elected as president, our democratic congress closed the Enron loophole. Very interesting deal, you should look it up online and educate yourself.