Is anyone going to blame OBAMA for these wonderfully low gas prices this morning?

Putin has more to do with it then Obama , but the low prices seem to have Putin in its sights to keep them down .I am not even sure if Iran has shipped out any oil as yet .Russia was talking about helping Iran to update their oil production .Time will tell when that new production hits the stream if it helps to make it go down but sooner or later it will climb back up .

a reply to: theySeeme

The fracking boon has been a huge influence on the market. When the initial extraction costs were met it enabled many producers to directly compete with Middle Eastern crude production which was evident when OPEC agreed to slow production to try and artificially drive up prices. That was two years ago. Now they are trying to control the market by increasing production and keep prices low to drive out the competition.

The other main factor is the slowing of the Chinese economy which frees up supply for an already weakened demand.

originally posted by: havok
a reply to: theySeeme

Explain presidential influence on gas prices? Sure.
It's non-existant.

It has to do with Corporations lowering their profit margins and decreases costs for them to refine oil.

Government taxes haven't been lowered on gasoline, or diesel. Which would be the ONLY way that any government branch could have an influence on prices. They don't control prices...just the their legal thievery on the consumer taxes.

Corporations benefit from the lower gas prices and even that isn't affected until 3 months from now because of speculation on the markets, which is the real culprit behind the price of oil. The lifted sanctions were not a direct cause, especially this quickly, to the falling price of oil. If they were...then there is a boat-load of illegal things taking place on Wall Street and the FED'S better start investigating.

You are wrong and know absolutely nothing about corporate business.

The effects of low gas has HUGE ramafications on big business, which is why they wage war to control the price of it. Which is why they killed Gadaffi and started the Lybyia disaster, because he was about to start the gold backed Dinar, and regulate oil prices off of GOLD, and not this imaginary paper currency the west is using.

When oil prices drop, these corporations and their child corporations can no longer charge and profit from high fees built on the back of imaginary currency that does not have enough gold to back it.

What Obama has just done will in fact STRENGTHEN the dollar.

a reply to: greencmp

Greedy? The people behind these oil companies have their hands in every thing you do. Every aspect of you life is directly affected by oil, in one shape or another.

If these corporations can raise prices 3x or 4x a day because of their insatiable appetite for money, then they should be able to lower them just as quickly...right?

But it doesn't happen that way. I too enjoy the lower price at the pump, but I have to wonder why food prices haven't followed suit. Or packaging sizes been increased back to normal? Remember when gas was $4-5? All these corporations immediately decreased their packaging sizes and increases sales costs....so where is the immediate decrease?

That is business for you.

originally posted by: DAVID64
a reply to: theySeeme

Your hero making a more than shady deal with a country that hates us, doesn't mean he's responsible for the low prices. There are many factors, the deal with Iran being a very, very small part.

www.bankrate.com...

American oil producers have been on a tear lately. Thanks to new drilling in the Gulf of Mexico and the increased use of techniques like hydraulic fracturing, or "fracking," on land, the U.S. is awash in crude.

Domestic oil production has increased every year since 2008, which has contributed to a growing world supply. Meanwhile, American refineries are buying fewer barrels of more expensive foreign crudes.



Read more: www.bankrate.com...
Follow us: @Bankrate on Twitter | Bankrate on Facebook

Yep, that was my understanding as well.

originally posted by: the2ofusr1
Putin has more to do with it then Obama , but the low prices seem to have Putin in its sights to keep them down .I am not even sure if Iran has shipped out any oil as yet .Russia was talking about helping Iran to update their oil production .Time will tell when that new production hits the stream if it helps to make it go down but sooner or later it will climb back up .

Putin? Putin is in a different oil bracket, one that involves europe, not American. He has no effect on the price of oil in America, only in Europe. That's why the EU is scared to go against Russia even though it's an ally of the U.S - because they will get oil-choked.

Sanctions lifted means Iran can sell 500,000 barrels of oil to the US that we couldn't buy before, from a country that is not under corporate military warfare like Syria, Iraq, Afghanistan, Libya, ect.

But if it helps you sleep at night I'll sit back and enjoy paying a dollar less than I had to literally yesterday for a whole gallon of gas.

a reply to: theySeeme

Well I agree with you latter statements...and as for knowing nothing about corporations, I forgot to add a "don't" in my last post. Must have been rushing to reply.

But the topic is that the POTUS directly affects the prices.
Which is not necessarily true.

originally posted by: theySeeme

Putin? Putin is in a different oil bracket, one that involves europe, not American.

The world oil market functions as whole where all production influences price.

a reply to: theySeeme

Do some research? You are funny.

Check out OPEC and their desire to eliminate the shale oil boom in the US and Canada. Also to limit Russia's oil industry.

It is kind of naïve to believe your hero has anything to do with the price of gas.

Having followed your post history I realize facts don't get in your way and debate is pointless so enjoy your thread.

But taking your own advice may enlighten you.

originally posted by: havok
a reply to: greencmp

Greedy? The people behind these oil companies have their hands in every thing you do. Every aspect of you life is directly affected by oil, in one shape or another.

If these corporations can raise prices 3x or 4x a day because of their insatiable appetite for money, then they should be able to lower them just as quickly...right?

But it doesn't happen that way. I too enjoy the lower price at the pump, but I have to wonder why food prices haven't followed suit. Or packaging sizes been increased back to normal? Remember when gas was $4-5? All these corporations immediately decreased their packaging sizes and increases sales costs....so where is the immediate decrease?

That is business for you.

There are aspects that we agree on, just not what the causes are I think.

Food prices (and indeed any and all price fluctuations not dictated by the market) are inflated because of interventionist policies such as ethanol subsidies and paying farmers not to grow.

originally posted by: havok
a reply to: theySeeme

Well I agree with you latter statements...and as for knowing nothing about corporations, I forgot to add a "don't" in my last post. Must have been rushing to reply.

But the topic is that the POTUS directly affects the prices.
Which is not necessarily true.

I agree with you in that aspect, technically Iran controls the price, since they could easily choose to not deal with us and remain under sanction.

That's the point in this topic - that people blame Obama for things that he does not directly affect.

a reply to: theySeeme

It is also destroying tons of local industry, crashing entire state economies, but hey, who cares about that? They were probably icky red states anyhow.

a reply to: greencmp

In part, you also have to take into consideration drought and disease on certain commodities when it comes to food.

Maybe this will offset the TPP?

The conspiracy world says the Saudis are keeping the oil price down to eliminate Russia, Iran and US competition, Some of the OPEC smaller producers are taking several hits from these prices and have asked several times to decrease production but Saudi Arabia has refused every time.

Others think Saudi refuse to cut production because OPEC oil represents a really small percentage of the market in this age and a cut would do squad on the price and they prefer to sell cheap than lose market share to other producers.

Enjoy the low prices, but remember they just mean the collapse of the world economy is near.

a reply to: greencmp

They most certainly are.

But the biggest increase in costs that were nationwide happened when diesel and gasoline prices shot through the roof (2008-2009). I can remember prices increasing more than $0.30 in a day and politicians coming out to say that there are laws to protect the consumer from highway robbery, or gas "gouging". So all the gas stations increased their prices $0.29 a day. Every day. Until they got their desired outcome.

I'm sure there are plenty of things worth discussing on food and gas, or oil...but this is getting off topic. But you have a point.

originally posted by: Indigent
Enjoy the low prices, but remember they just mean the collapse of the world economy is near.

Understatement of the decade.

originally posted by: ketsuko
a reply to: greencmp

In part, you also have to take into consideration drought and disease on certain commodities when it comes to food.

Yes, natural disasters and resource mismanagement have always been significant contributors as well.

originally posted by: ketsuko
a reply to: theySeeme

It is also destroying tons of local industry, crashing entire state economies, but hey, who cares about that? They were probably icky red states anyhow.

So you think we should pay more for gas so that big industry and corporations can live lavish, while us hard folks pay high gas prices?

Did you know that the price of gas affects the price of food shipping? The price of food production since machines, parts, equipment, and other materials require gas to be shipped? That factories require gas to operate heat and some machinery? That simply ordering a pizza costs more when gas is high? That simply visiting the doctor (or getting a visit from one) costs more in travel expense? It also costs more in medical expense, because the doctor supplements the cost of his meals, which inherently cost more when gas is high.

and this is only one aspect of 1,000,000 different aspects that gas prices affect.

If you think we should pay high gas prices to support corporations that don't care about us, you are gone.

a reply to: theySeeme

…these great gas prices which are a direct result of his deal with Iran…

Hardly. The Saudis are overproducing on purpose to drive down prices to hurt the economy of Russian and Iran, sort of a double edged sanction. Who's going to crumble first? Not the Saudis, they can outlast everyone.

When it comes to oil, Saudi Arabia has long been king. The desert monarchy sits on the world's largest proven reserves. Though its position as the world's top producer was eclipsed by the United States in the past year, it remains the world's top exporter. That's made it the fulcrum on which the oil markets have pivoted for decades, cutting or increasing production as needed to balance supply and demand.

---

Krane said the Saudis are still pumping oil out of the ground at a cost of about $5 a barrel…

Vice Article

(emphasis added)