Exactly. There's no collusion or price-fixing going on in the industry, yet every memorial day, july 4th, labor day, thanksgiving, etc...the gas prices magically go up without any help from the oil companies.
So why not this time? Down from yesterday, albeit only $0.01.
So, is anybody giving the Prez any credit for the decline since he gets so much blame for the rise?
If prices fall into the ballpark of $2.50/gallon, then Obama can can claim success, IMO.
"The strongest reason for people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government." -- (Thomas Jefferson)
“Make yourselves sheep and the wolves will eat you.” -- (Benjamin Franklin)
I am starting to think that the Drilling & Keystone XL Proponents may yet be proven to be correct that drilling and the pipeline even in the US will be able to bring down gasoline and world oil prices...
Why? With the reversal of Seaway pipeline late last week that was basically a 500,000 barrel per day turn around, and will be expanded... Louisiana Light Sweet which was always even to a $4 premium to Brent Crude has dropped to a $6 discount... And only more oil will flow into the Gulf Coast (where we currently import 5 million Barrels per day from all over the world)... so increased US and Canadian Production will only continue to back out oil that will have to go somewhere else... and don't kid yourselves... all those countries that export oil need the money... and of course, even with flat to lower US, EU & Japan oil consumption... world oil demand grows at a 1 Million barrel per day clip...
Even then Inelastic demand may be introduced to newly elastic supply... the bottom line is while you may not see cheap gasoline or even sub $3 gasoline... you probably will not see gasoline above $4 let alone $5...
When GW took office in 2000, gas was something around $1.25 per gallon (according to gaspricewatch.com). It rose over the next 7 years to a record $4.11 in July 2008, only to drop drastically back to around $1.50 over a 6 month period. Anyone know what occurred to generate such a significant drop in price over a relatively short period of time?