Oil prices have tumbled in the last two days, but gas prices remain at an all-time high. Weigels on the Turnpike is now at 3.93, although the one out by I-40 is a dime less (or it was as of Tuesday).
Why is it that gas prices rise the same day as oil prices rise, but any decrease lags? It defies any explanation, except profit-taking.
"It defies any explanation, except profit-taking."
Bingo. Occam's razor.
But profit taking is a good thing. That is the capitalist's way.
"f you want to get oil prices to continue falling start calling the people in washington that are holding up drilling domestically."
LOL! The government is not holding up drilling in America. The oil companies are sitting on hundreds of unused leases. Even if every square inch of US soil were opened up today for drilling, it would have no affect at all on oil prices for years, and even at its future maximum, would only contribute at most 5% to the price of oil. The oil market is global. Oil prices are global. The amount of oil remaining in the US is dwarfed by the oil on the rest of the planet.
The wisest thing for us to do today is keep the oil in the ground and use economically reasonable alternatives, conserve, and use public transportation.
That means millions of acres are leased and are not yet productive, including a lot of off shore leases. Apparently $130 barrels of oil are not profitable.
"Public transportation is at least 5 to 10 years away so therefore why start?"
LOL! There are airplanes, buses, trains and subways all over this country, JM. These are all forms of public transportation. Whenever I go to Washington, I fly (public transportation) and take the Metro to my destination (public transportation). Here at home, my wife takes light rail to and from work every day (public transportation).
Hundreds of thousands of New Yorkers take the subway (public transportation) and/or bus to get around NYC. Same with Boston, San Francisco and Chicago, just to name the other light rail systems I've used personally.
Transportation isn't the only use for oil, JM. As AW pointed out, it's used for heating.
And oil isn't the only fuel possible for transportation. The NYC subway runs on electricity. Battery-operated cars are a reality, and are practical for city transportation.
You really need to read and get out more, JM.
"They are not public transportation"
Uh, yes they are. They are just as much public transportation as trains, buses and subways. Indeed, they are mass transportation.
"...Where is the public transportation in Oak Ridge?"
Do you think Oak Ridge is responsible for most of the oil consumed in America!
" In heartland America?"
Chicago is in heartland America. St. Louis is in heartland America. I've ridden public mass transit in both cities.
" In St. Louis - I was there a few weeks ago...other than a few city buses I do not recall seeing any?"
You weren't looking. St. Louis has had light rail for at least 15 years, and recently expanded it. It runs from the airport to downtown and across the river to Scott AFB.
"Do you take public transportation to work or use your gas fueled car - well I best be carerful as you might ride your bike to work. :-)"
I still drive. My wife's employer pays for her metro pass, and it drops her off practically at her building. For me it is still several long blocks after arriving. I may change someday, but it is only a seven mile commute in a car that gets 33 mpg in the city.
"Oil is used for a lot of stuff not just gas and heating oil...all the more reason to start drilling..."
We've already reached peak oil. Prices are headed up. The amount of unleased oil will make no difference for a decade and will be a drop in the bucket even then.
"Do you guys get your talking points directly from pelosi?"
Nope. Why are you so obsessed with Nancy Pelosi and the Democratic Party? Why can't you just discuss issues on their own merits without invoking personalities and names? Is it because you don't actually, you know, don't understand the issues?
"If you read the news today you would have seen one of those leased sites where the oil company was stopped from drilling even though they have a lease. Having a lease is not a guarantee that there is oil there or that you can drill it without more hassles."
ROTFLMAO!! *One* lease?! You think there's only one lease that is currently not being drilled? OMG that's rich!
"I hope that you keep singing that song until the election. Then you may be surprised that the vast majority (78%) of Americans think we ought to be drilling now and everywhere we can."
Since a large majority think we should leave Iraq and an even larger majority think the country is headed in the wrong direction, I very much look forward to seeing the Bush/McCain administration rationalize why they deserve a third term.
"Wouldn't that actually be a good problem to have?"
Heh.
"If we do this, we can be completely off the mid-east oil within a very few years. "
LOL! No wonder you were a failure as an engineer, AW. You don't even have a rudimentary understanding of simple arithmetic.
If we opened up every square inch of the US to drilling it would affect gas prices not one penny. In 10 years, there is not an atom of evidence that it would have a material affect on gas prices at the pump for Americans.
You simply don't get it, AW. Oil prices are globalized. The US does not and cannot control oil prices by domestic production. There are simply not enough reserves of sweet crude. Oil shale and tar sands are not economical at today's prices.
Go get your GED, AW. Then, if you can handle it, go take some intro econ courses at a real college and learn something about the real world beyond the desk of an Anderson Co. cop.
"Of course I am sure you have a plan that you are dying to share with us all - or do you prefer to just argue about it?"
I've posted my "plan" already. It involves conservation, alternative energy, conservation, public transportation and conservation. And did I mention conservation?