Posted by Traditional Farmer on February 24, 2011 at 06:54:22 from (184.0.126.50):
In Reply to: Re: OT Gas Prices posted by jhilyer on February 24, 2011 at 05:33:12:
Actually 2% can change things and of course its just not Libya the market is worried about.How economics works if there is a demand for 10 Widgets and there are constantly 11 available then prices will be cheap but if only 9 are available then prices will go up until one of the widget buyers gets priced out of the market.Same with oil and everything else.We need to drill more and increase supply or consume less either one would drive prices down. If the President were to come out and announce that the Gov't was opening up any and all Federal lands in the US to oil and gas drilling that would also drop the price but as it is now much land has been taken out of any drilling the last couple years.And that puts upward pressure on the price of oil.Those that think there is an over abundance of oil worldwide are kidding themselves China will buy all the oil available below certain prices so its not going very low anyway.Regardless of what anyone thinks is the cause everyone better be getting ready for $5/gal gasoline in the not too distant future
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