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Whom would you give credit for decreasing gas prices?
Posted in these groups: 
Government
Office of the President (POTUS)
Government Office of the President (POTUS)
Posted 10 y ago
Responses: 20
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Saudi Arabia. They are increasing production and lowering prices so they can get their market share back that they lost due to other markets being able to produce more (such as the US...through Fracking drilling methods). So they are lower prices/increasing production to drive the competition out of business (such as the US Oil producers....price of gas has to be around $70 a barrel for them to break even and I think currently it is down to $40 to 50 dollars a barrel). Once they do that, you will see them jack the prices/ reduce production back up and there will be much less competition to help stabilize the price.
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SPC Stewart Smith
Could not have said it any better. Thank you for mentioning the US oil producers being unable to compete. This is a true, very scary, fact. The value of the dollar is going to greatly decrease if we cannot sell our oil on the global economy.
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SPC (Join to see)
Well, I was all set to type this up but you beat me to it sir.
Dummy terms: Saudi Arabia is trying to do to American oil companies what Walmart does to local stores. Hemorrhage money until the smaller competition fails then set your own prices in the long run. It is a long term plan.
Dummy terms: Saudi Arabia is trying to do to American oil companies what Walmart does to local stores. Hemorrhage money until the smaller competition fails then set your own prices in the long run. It is a long term plan.
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PO1 (Join to see)
May also have something to do with surge of alternative fuel vehicles and hybrids I'm sure
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PO1 (Join to see), I feel that current pricing for a barrel of oil and in turn the price at the pumps cannot be so easily summarized without examining global politics and complex economic influence of the markets. Trying to give credit to any politician, political body, or corporate entity for what is essentially the result of a free market is akin to thanking those same persons/groups/organizations for sunny weather.
The uber-condensed version can be read here (or just about anywhere else on the internet)- http://www.vox.com/2015/1/5/7493799/oil-prices-chart
or here- http://www.bostonglobe.com/business/2015/01/06/what-happening-oil-prices/w9lU1qsPJnQaTInpr31TqJ/story.html
The uber-condensed version can be read here (or just about anywhere else on the internet)- http://www.vox.com/2015/1/5/7493799/oil-prices-chart
or here- http://www.bostonglobe.com/business/2015/01/06/what-happening-oil-prices/w9lU1qsPJnQaTInpr31TqJ/story.html
Why oil prices are still dropping — in one simple chart
It's all about supply and demand. Or rather, expected supply and demand.
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This is nothing to do with the President. Saudia Arabia has increased production of oil to push Iran out of the business. That's all I really know but it helps along with fracking in the US.
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PO1 (Join to see)
I think our fracking contributed to the biggest drop in price thus far. Now if we could only get approval for keystone pipeline, that would be amazing!
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The First Economic Law: Supply and Demand.
Too much supply plus speculators sitting on inventory hoping the price will go up equals spectacular decline in oil (and other commodity) prices.
Sucks to be you, Iran, Russia, Venezuela...
Too much supply plus speculators sitting on inventory hoping the price will go up equals spectacular decline in oil (and other commodity) prices.
Sucks to be you, Iran, Russia, Venezuela...
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America is now the leading producer of oil and shale which gives us more leverage on the price of a barrel.The credit goes to the President.To me this is good,because once we've used all those resources we will be forced to switch to alternatives.The sooner the better.
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Sgt Packy Flickinger
America has been the #1 producer for a while now. The president has nothing to do with it. Infact he's tried to slow production. Gas price has come down despite his efforts.
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