Corporate oil companies have lowered gas prices. Could this have anything to do with Nov. elections?

Answer 1

Yes, Notice his ratings went up when the gas prices went down?

Answer 2

It's been said that because of the time of year is the reason for the drop in oil prices. I say bulltwoggle. After the president came on the news and said, "the listed price on the market is what people should pay", the oil companies took that as a go ahead and charge what you want comment and acted accordingly. Now that the president and his cronies need a little assistance, the oil companies are stepping in and helping by lowering the price until after the election. If I'm wrong then may the fleas from a herd of camels infest my armpits........

Answer 3

Actually, the Gov't does not control gas prices, all though they could step in and freeze them if it got enough pressure from the public to do so, as they did back in the 70's. The oil Co.'s have a legal obligation to make money for their stockholders, period. Have you seen the commercials for the new cars & trucks that have been airing? All new autos are now Flex Fuel ready. This means they are equipped to run on Ethanol, which is produced from grain. Therefore, the oil industry is forced into a decision - either drop the price of gasoline, or lose a LOT of money to the Ethanol industry. Note- only new cars and trucks will be able to use the first Flex Fuel - E85. In about 2 years E90 will hit the market and will be able to be used in cars and trucks dating back to the 70's. Maybe we will see an even bigger reduction in gas prices then. They'll have to do something to compete.

Answer 4

This is typical of the kind of nonsense the irrational Bush haters love to spout. Considering most of them know very little about sound Economics, that is not surprising I guess. Most commodities have what is called an elastic demand curve, which shows that as the price goes up, people want less of it in a relatively proportional manner. Oil products have an highly, though not completely, inelastic demand curve. This means that price increases reduce the desire of people to purchase it at a far smaller rate than what is normal for most products. For Oil products it is the supply curve that dominates the process of determining the price. The problem is, this nation has not built any new refineries or increased domestic drilling for crude oil to any great extentsince 1975, primarily due to the environmentalist movement. The controversies over drilling in ANWR or offshore drilling off the coasts of California and Florida are excellent examples of this. Because of this lack of expansion of supply capabilities, combined with increases in oil imports, gas prices highly vulnerable to supply disruptions such as those due to Hurricanes Katrina and Rita. The timing of the drop in prices is highly consistent with the recovery of Gulf of Mexico oil production capabilities, as well as numerous heavily discounted sales of crude oil by Hugo Chavez of Venezuela to other nations. This has resulted in a drop of crude oil prices, which is reflected at the gas pump.

Answer 5

I see this accusation every election regardless of who is in office. I also see gas prices drop around this time every year, even non-election years. I guess the issues on the ballot are manipulating gas prices too.

Answer 6

I saw this on ABC news last week, it has to do with the type of gas. Apparently they are two different types of gas for winter and summer. The kind for winter is cheaper and now that summer is at a end they have switched over. Who would've thought it.

Answer 7

No, I believe that the elections were going to go forward regardless of the price of oil!

Answer 8

You complain when prices are high. You complain when prices are low. ARE YOU EVER HAPPY?! You remind me of one of my ex girlfriends.

Answer 9

You noticed that, huh? How convenient.

Wait till Christmas when its $4.00 a gallon.

Answer 10

Nah, they are just really nice guys who want us to have cheaper gas...