U.S. excited (and suspicious) about gas prices
42% of Americans say Bush administration manipulated gas prices
There is no mystery or manipulation behind the recent fall in gasoline prices, analysts say. Try telling that to many U.S. motorists.
Almost half of all Americans believe the November elections have more influence than market forces. For them, the plunge at the pump is about politics, not economics.
Too funny. People gripe when the price went up. Now they are griping when it goes down. Maybe, just maybe, the decrease in prices have something to do with the huge reserve of oil we found off of the coast.
Actually it has nothing to do with the reserves. Inventory is up and consumption has actually decreased some. Also, refining oil is cheaper now since they don’t have to use ethanol (a government standard during summer months).
The reserves found offshore are geological and geophysical data only, which put it in the range of 3 to 15 billion bbls (a huge range). Right now there are only two wells in that play which isn’t even enough to determine how large the actual reservoir is. Plus it will be 7 to 10 years before we even get the infrastructure available to produce this new find. As good as this new find is it will be some time before we even see it.