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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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Oil is a commodity, so if POTUS wanted to take credit, he would of had to either lower the gas tax. Can't be a government agency. I think the closest answer would be a private company because it is a commodity. Once all of the companies stop messing around with hedges, we will probably see OPEC lower its production and the prices start climbing again...but who knows.
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OPEC. Think about it. I'll give you a hint. What legislation is in the works right now?
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SPC Stewart Smith
Exactly. And also - the US cannot compete with the global economy at such low barrel producing prices. It costs us too much. No one will buy it from us.
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SPC Stewart Smith
Because it costs us around $70 to produce a barrel. That's significantly more expensive than the competing countries.
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SSgt (Join to see)
Then lower the taxes. That will help/// People are bitching about this but why? Our gas prices are lower. No one says diddly about this until it is political. Bottom line is the prices are lower and this affects the economy and why all Presidents secretly wish the prices to remain high.
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All of the above plus the natural ebb and flow of the market... when oil prices are high, there is a lot of incentive to increase supply, when prices are low there is less incentive to increase supply which means demand will eventually outstrip supply and drive the price back up. Sustained high oil prices over the past few years encouraged corporations to expend capital to gain access to more resources. Now that all those additional supplies are in the market, there is no scarcity of supply which means prices go down.
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Crude oil is a global market, and is determined by the market, which includes supply and demand, Futures markets, and to a lesser degree, regional and global insecurities.
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I don't have references to back this, but companies like Shell, BP, and other major oil producing companies are the reasons for lowered gas prices, production and supply are way up and they were unable to keep the prices artificially inflated without causing a slowdown in drilling and production. This is not a politically influenced drop because many states like Virginia just passed higher taxes on gasoline because they thought they could capitalize on the higher pump prices.
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Me. I wrote an email and sent it to everyone I know. It said if you don't forward this to everyone YOU know, gas prices will drop. BOOM!
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Oil companies are spilling oil like crazy so that the demand for green energy/electric vehicles will go down.... Therefore increase our demand for gas consuming vehicles.
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SPC Stewart Smith
BTW, this is not good for the U.S. We cannot produce a barrel nearly cheap enough to compete in the global market. This means hundreds of billions, or trillions, of dollars not circulating our economy. While lower gas prices seem great, they have dropped too low for US to compete.
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Putin. Some of this was aimed at hurting the Russian economy over his involvement in the Ukraine.
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