The 110th Dem Congress was getting blamed for high gas prices, but they've been dropping | 13 comments (13 topical, 0 hidden)
Could you please explain... (none / 0)
How supply and demand have changed in the last month and how the possibility there might be some offshore drilling that will produce in 2030 has brought down oil prices?

by ProfRich on 08/20/2008 01:36:14 PM EST

So true (none / 0)
The projected increase in production will reach about 3% of overall production, which isn't alot. Furthermore prices are not set in the US but internationally. It will have a small effect on price though.
Its been calculated to decrease the price 0.106$/barrel tomorrow if the bill passed. (source).
The unregulated speculation is estimated to be responsible for 10-25% of the price. if we are talking about 4$/gallon thats between 40 cents and 1$ at the pump.
So basically republicans are full of s....

by whoosh on 08/20/2008 05:56:56 PM EST

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oh and if you were wondering (none / 0)
The piece I referenced is written by Menzie Chinn,
Professor of Public Affairs and Economics at University of Wisconsin

by whoosh on 08/20/2008 06:17:48 PM EST

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The White House said it. (none / 0)
I think the speculators are reacting to the apparent end of the war with Iraq and a massive scaling back of tension with Iran.

by ProfRich on 08/20/2008 09:59:35 PM EST

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The 110th Dem Congress was getting blamed for high gas prices, but they've been dropping | 13 comments (13 topical, 0 hidden)