Posted by LAA on May 11, 2011 at 10:26:39 from (86.51.147.113):
In Reply to: Re: gas prices posted by old on May 11, 2011 at 08:33:12:
Those are not facts, what you state is absolutely incorrect. From 1983 to 2003 oil prices never broke $30.00 per barrel and were in the mid teens to low twenties for the majority of that 20 year span, as recently as 1999 oil was $9.00 per barrel, from 2004 to 2007 oil prices ranged from $37 to $65 dollars before going to a high of $141.00 in 2008 before dropping back to as low as $33 in the first quarter of 2009. Most of the quoted and traded oil comes from Foreign National Oil companies, the American oil companies and refiners have to buy at the current market price. The only answer is to increase production, that means drilling in the USA, you may not beleive in supply and demand but one indisputable fact is that every time the supply of any commodity goes up or the demand goes down the price goes down. War and unrest do affect the markets outside the supply and demand model but it is temporary, the same as when drouth and other weather problems affect the short term price of agricultural commodities.
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