To: SeekAndFind
The price of oil is based on futures speculation, not current supply and demand. There are no current supply issues or high demand. The latest spike is based on speculation of war anf threats in the Middle East. Releasing the reserves will do nothing for prices in October and November.
To: wolfman23601
The price of oil is also based on the declining value of the dollar, which is the global pricing unit for the commodity. There has been a steady increase in gas prices since Obama took office. This has more to do than just mere speculation, which has just made the increase more rapid.
7 posted on
03/15/2012 9:14:44 AM PDT by
kabar
To: wolfman23601
Yep. And Newt is right. Just the announcement by the US that we are going to drill drill drill will drop the price of oil.
11 posted on
03/15/2012 9:18:41 AM PDT by
Georgia Girl 2
(The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson