So when is the price at the pump going to start coming down? Like way down?
So long as the Obama Crime Family remains at the helm, expect more pain at the pump. When Speaker Newt Gingrich and Conservatives were in change back in the 1990s, I was paying only 78 cents a gallon here in North Texas. Now that Obama's regulations and offshore drilling ban are in effect, that gallon at the same gas station is nearing $4.00.
A pro-business, pro-energy administration led by Sarah Palin will straighten out this mess caused by the evil, anti-American thugs now in power.
US production is growing due to the high price. It makes a lot of folks want to invest in the relatively expensive wells needed for tight formations like Bakken & Eagle Ford.
If the price goes way down, we won’t be drill much of any in our shale fields.
Long term effect will be a small decrease. Realize all this is doing is replacing foreign supplies. Still with more hydrocarbon out on the world market, we should see prices pretty typical in $70-90 bbl once the smoke clears.