The price of gas has gone down because the saber rattling toward, and from, Iran has ceased and it seems that cooler heads will prevail. As a result speculators are no longer betting that the price of oil will sky rocket as a result of an armed conflict between Israel/US and Iran.
Oil prices slumped because the dollar strengthened against the euro on worries over Europe's debt crisis. A stronger US currency makes dollar-denominated oil more expensive for buyers using the euro, denting demand for crude.
Regarding a few rednecks that work for my company: Gas prices go up? Obama's fault. Gas prices go down? President has nothing to do with gas prices.
This! After 25 or so years of declining domestic fossil fuel production, we are now increasing domestic production in leaps and bounds. In fact, it has been estimated that the US will be the worlds leading exporter of natural gas by 2020 and one of the top three exporters of crude oil thanks to new fracking technologies.
Refined petroleum product is America's top export, mostly gasoline, diesel, and jet fuel. We top the world in export of refined products. It should be noted that U.S. oil consumption has declined since 2006, which means that much of the refining capacity the country added in the past decade is now geared toward exports. How the U.S. Became 'The China of Refined' Gasoline
like i said before, prices go up, and they go down. we make adjustments. we should not endeavor to manipulate the market with regulations (for example on speculators, who are just as entitled to buy as you are).
Profiteers, you mean. People who create crises so that they can take advantage of it for personal gain.
