Thank God
 

98 cents per gallon!!!!!

Should be under $3.50 for regular by next weekend.

None of this would matter if we grew some f'in balls and did it ourselves. It's goods news I guess, it might drop prices since supply concerns might shrink...but WE still need refineries here and the ability to harvest our own resources.

even if we started tomorrow we wouldn't be able to use anything for another ~10 years

It'd be approximately 5 but you're right, we wouldn't reap the benefits right now. However even by saying we're going to drill would help knock prices down. Hell, when China announced they're raising their subsidized prices the price of oil fell. It just sucks that all this crap is just a game with these speculators.

um..crude is up, not down :lol:

The day China announced it the price went down. ;)

Now they've just found another reason to jack it back up lol

I hope this was hard detecting sarcasm over the internets :lol:

No sarcasim, Its 3.70 in midland park and its only tuesday

Where in Midland Park? I know in the center of town there's that intersection with a bunch of no name stations that are always cheap. It's the mainstream stations that need to come down.

Crude oil hasn't lost a cent since the anouncement, so no worries gas prices will go up again. Here it fluctuates between 3.90 and 4.00 for regular.

yup, thems the jammies

guess i was wrong, so much for china and saudi huh?

http://news.yahoo.com/s/ap/20080627/..._ge/oil_prices

The fed is killing us w/the rates. If the $$ was where it was a few years ago oil would be like $80 a barrel.

Speculators!! When will the Senate go after them!! WTFUGGGGGGGG!!

I told you that from the beginning...

Saudis increased production by what? 200k barrels? and the daily world oil production is 85 million barrels. That's .0023% increase, what do honestly thought that "increase" will do? Some people are just naive.

Exactly. Thats why gas is so high.

yea, weak dollar has nothing to do with it...

yea, but when the Saudi's have to step in and tell them to knock it off, you know somethings wrong there :lol:

Oil reserves are at the highest its ever been. The US could release a 1/3 of the reserves and flood the market, price of oil would drop like a rock.
There are several factors to this record oil, dollar is one, but speculators have driven up the price of oil 50% while global demand for oil has risen about 3% with production matching it.

US consumes 20,687,000 barrels per day according to EIA, and those numbers are most likely slightly outdated and the number is likely higher.

They also state that US has 20,972 million barrels of oil as a reserve as of 07. The figure has probably gone up but I'm gonna use real numbers because no one has provided different ones.

So if the US releases 1/3 of its oil reserves for public to waste on their SUVs, that would be 6990 million barrels of oil which would last us 337 days at the previously given rate of consumption. I would hardly call that FLOODING the market with oil.

You would lose reserves, and the price of oil would later go up, and we would be in even bigger hole that you are right now.

Maybe it's just me, but the numbers don't lie.

Tsar is right. The high price of oil has many factors. Weak US dollar, speculators.
Even if Congress lifts the off-shore drilling ban, it will take years to get the rigs up and running, so the price will not go down a lot. The speculators might sell it alittle bit, but not even to cause a massive drop.

why was off shore drilling banned in the first place?

the sooner we get our OWN oil and get rid of speculation, the sooner we can have gas at a manageable price.......so what if it takes 5 years get started NOW!!!!!!!!!!