Oil prices tumble in biggest weekly drop ever

[YNKYH8R]

Okay so....with people running to vehicles with higher gas mileage...there by reducing this countries need...then we don't HAVE to drill or build refineries.

Someone once said that "the tree huggers are happy with the exploding gas prices because it gives them a reason to push their agenda for cleaner cars and less polution" we are inadvertintly being forced to reduce reuse and recycle and be more frugal with fuel.

I've always said that we should have been looking for alternative methods since the Carter administration.

"It's too early to say we've seen the worst of it," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. "We would be Pollyannish if we believe one week represents a trend." Worst? Dropping fuel prices is not worse.
http://biz.yahoo.com/ap/080719/oil_prices.html

[LuvBigRip]

So, if oil prices drop, we shouldn't still look for oil here, build more refineries for the next time OPEC and the Arab countries decide to hold us hostage? Please.

[renaissanceman]

So, if oil prices drop, we shouldn't still look for oil here, build more refineries for the next time OPEC and the Arab countries decide to hold us hostage? Please.

I'm not sure that is the message.

Though if it IS, I am TOTALLY with you.

Drill Here, Drill there, drill EVERYWHERE we have a right to drill, while also looking into the few options that actually seem likely to bear fruit.

Support said technology, in word and in deed. MAybe in the nex 15 years or so we will be broken of foreign oil.

20 more and maybe we will be off non renewable resources all together.

We have to start somewhere though.

[Jolie Rouge]

See also : http://www.bigbigforums.com/news-information/584365-big-oil-defends-profits-before-irate-senators-crude-record-133-barrel-2.html

If we don't start our own production in the Gulf, there is nothing to stop other countries ( say CHINA ) from setting up in International waters. Do you think they are going to follow US regulations ?

[YNKYH8R]

The thing that does doesn't get a lot of press is the enron energy loophole. It needs to be shut down to prevent wild speculation on energy prices.

Now.....drilling off shore? I don't care. I live on the coast but not off shore. Plus no oil in Maine.

But...if you think the prices will drop because we have oil? No. Why would they? We've been paying over 4.00 gallon so far...why would they want us paying any less? Plus we would export anything we find. Remember, we buy from other countries and export to others. If you think I'm lying look at the farms in the mid-west.

[renaissanceman]

The thing that does doesn't get a lot of press is the enron energy loophole. It needs to be shut down to prevent wild speculation on energy prices.

Now.....drilling off shore? I don't care. I live on the coast but not off shore. Plus no oil in Maine.

But...if you think the prices will drop because we have oil? No. Why would they? We've been paying over 4.00 gallon so far...why would they want us paying any less? Plus we would export anything we find. Remember, we buy from other countries and export to others. If you think I'm lying look at the farms in the mid-west.

Good point. Though if we start using our OWN products? YES, the OPEC nations WOULD give us better prices. THey would realize that if the did NOT, as soon as we were able we would stop buying from them altogether.