Gas prices... whats going on now?

Question

It seems like the gas prices talk is going away because its gone down a few cents. I WANT it back to at the MOST $2/gallon, is this ever going to happen?? Why arent we using Alaska's reserves?

I read that we have enough oil in Alaska to supply, all Americans for 100 years, I don't think that that is a limitation.

Answer 1

I agree with you completely. Where is the $2 gallon. In my opinion, just b/c it is not being discussed as heavily, it is still an issue and does not look like it will be going away any time soon. I agree, why aren't we drilling in Alaska. Even more important, why are we not putting the investment now to save money and the atmosphere in the future and change the form of fuel and energy we use. Yes, it will cost a lot. But once the initial costs are incurred and paid for... everyone and the world will be so much better off.

Answer 2

First of all, the price of gas depends on many things. The most critical variable is supply and demand. Many countries have passed their peak refining capacities (the amount of oil that can be refined per day). That means that they have too many refineries and too little oil. We obviously don't have an unlimited supply of oil, and a decrease in the amount of oil in the world corresponds to an increase in the price of oil. Also, demand for oil is also on the rise, pushing the price even higher. A secondary variable is conflict in oil-producing regions, which puts off investors and also contributes to a rise in oil prices. Eventually (quite soon, actually), gas prices are going to rise well over $3 dollars per gallon.

As to why we are not drilling in Alaska: the benefits are simply not worth the investment. There are many drilling sites in Alaksa, including Prudhoe Bay, which is actually the largest in the US. There is only a tiny amount of oil that is not being extracted in Alaska, and that amount, if refined, will only push back gas prices by a couple of cents ($0.03 at the most). That's because it accounts for only a tiny percentage of total oil. The US has 21.4 billion barrels of oil in proved reserves. In the Arctic Wildlife Preserve, where conservatives want to drill, there is a maximum of 2 billion barrels of oil. Saudi Arabia, for example, has proved reserves of 264.3 billion barrels of oil. So it wouldn't make much difference one way or another.

Answer 3

The Gas price is related to the oil price. OPEC (yes, the Arabs) makes that price. There is also the weak US $ on the world trade and currency market.

Saddam wanted to disconnect the oil price from the US $ and to connect is to the Euro. Hence the regime change.......

But to answer your question, there is not enough oil in Alaska for the gas addicted USA. Gas prices in Europe are double but the cars here use half as much gas.

Answer 4

I can't understand why Libs complain about the gas prices, it would seem that higher gas prices would lead to what they want, less driving and forcing people to find alternative fuels, but all I really see is them complaining about it. So which do you want cheap gas or clean air? Sorry, but you can't have both.

Not accusing you of being a Lib though.

Answer 5

Yep, Gas prices are going down again.
It is 2.45 where I live.

I guess it's time for Bush to start another war so he can make more money.

Answer 6

The prices are like smoke they only go high never come down.

Answer 7

Northeast Georgia here. Just paid $2.47 gal. yesterday. It's still going down.'

Answer 8

its 2.71 here and thats like down from 2.90 or so just like 4 days ago so im loving it