2007-02-22 06:00:13 · 4 answers · asked by clkron 1 in Politics & Government ➔ Other - Politics & Government
Several factors - the drop was, in part, due to mild temperatures during the normal heating season in the northern hemisphere, so less demand for heating oil and stuff like that.
Followed by a vicious and prolonged cold snap, demand increased.
In addition, President Bush announced in started to execute a plan to manipulate the oil prices upward by moving towards doubling the size of the U.S.'s strategic petroleum reserve.
Prices had dropped because the reserve was full, and so there was that much more oil on the market unspoken for.
2007-02-22 06:07:13 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Check your Home Page for a Financial Tab. Click on it and in the search tab type in crude oil. You should get about 20 hits on oil prices on Futures. All Futures are prices on crude for delivery on certain dates. If you think that crude oil prices are directly proportional to gas at the pump you are very wrong. Yes, I know that every time crude goes up so does the gas at the pump. This is only the greed of the station owners that know that you do not know what I am saying. They take advantage of your ignorance and as long as the general population remains ignorant they continue to get away with it. Call this number: 1-800-278-3364 and you will see the difference between what is traded and what is actually paid to the man in the field who pumps the oil. He is taking a bigger cut then you could imagine. $4/barrel it cost the producer just to get the crude pick-up and into the pipe line. Type in ERGON in your browser and then hit the Tab for Crude oil Prices.
Todays price of crude is $61 on 22 FEB.
2007-02-22 06:20:57 · answer #2 · answered by blueridgemotors 6 · 0⤊ 0⤋
Pricing of commodities fluctuate (sometimes A LOT) over time due to demand and the speculation inherent in the futures markets.
The governments and companies that purchase commodities have little to do with pricing (except for subsidies and taxes, both of which can make a HUGE difference in the price the end-user pays) when they purchase on the open markets.
Politicians have only the tiniest iota of influence on pricing unless they go totally crazy - which, thankfully, happens less and less as globalization makes it clear that it's a whole lot easier to lose that to win when playing stupid political games.
2007-02-22 06:07:55 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Cheney asked OPEC to cut back on production so the oil companies could rape the consumers.
2007-02-22 06:10:47 · answer #4 · answered by Kerry R 5 · 1⤊ 2⤋