Low Oil Prices Pose Threat to Texas Fracking Bonanza: Or maybe the fracking boom is responsible for the low oil prices. Either way we expect the benefit to the consumer to be short lived. It can’t be much longer until the government finds a way in which this brief respite in the exploitation of the consumer can be mitigated.
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We still feel the pinch at the gas pump though, we don't have enough refineries to make enough product to help the consumer. Mainly because they have to make this blended with ethanol crap and the supply of alcohol has an effect on production.
Hey remember when the world's smartest man said "We can't drill ourselves into lower oil prices."?
Or when the world's greatest economic genius said that expanding the debt limit didn't mean we would owe more money?
That Obama is a genius, a freaking genius I tell you.
Hey, when the prices were high, the leftists all claimed that the President can't do anything about oil prices. Now, with them temporarily low, they're all claiming that Obama did it.
This has ben happening forever, and is why we got addicted to Saudi oil.
When it costs more to pump it out of the ground than you can buy it from someone else, you cap the wells and wait for the price to go up.
Why do you think fracking, etc, was being done when the prices were high? It was worthwhile to do. Now, it will not be as profitable, with oil prices dropping, so they will curb production until they go back up.
Curse you, free market, you're SO unpredictable! We need to find a way to regulate you so you're predictable and tame, like the media.
Hell, this is old news already. Earlier this year when crude prices were dropping, there was speculation that Saudi was deliberately flooding the market to choke our own production. And if you think this is something, watch what happens when Iranian oil starts hitting the world market again.