2007-09-09 17:47:06 · 8 answers · asked by Whitest_American 3 in Politics & Government ➔ Politics
It did a little, but in reality, it would have had a greater effect on price of oil than price of gas.
Despite what people think, the price of oil has less to do with our high gas prices as refining capacity does.
Since refining capacity was squeezed by big oil recently to drive up margins, along with Katrina slamming into a few refineries, supply has been severely cut, and remains behind demand.
Since oil refiners have little economic incentive to boost supply, which would cut their current margins, they are highly unlikely to boost supply, when they can just blame the problem on environmentalists.
2007-09-09 18:40:46 · answer #1 · answered by avail_skillz 7 · 0⤊ 1⤋
Do you drive a car in the US? Or anywhere around the world?
Prior to 03 gas prices were about 2.00 to 2.30 depending on where you lived.
Now in 07 they are 3 dollars a gallon average though they have been pretty stable since the jump to nearly 4 dollars a gallon in 04 and 05.
Since the federal government let some of the federal reserve go prices have been fairly stable, However I did find it fishy when the oil companies , who were saying they simply could not produce the oil and justified the price, took less than half of what the federal reserve offered.
Another aspect is evironmentallist groups. They are causeing just as much problems by not letting us Dill Alaska and open new oil refineries( We haven't opened a new refinery since... 81 I think is the newest)
2007-09-09 17:57:47 · answer #2 · answered by WCSteel 5 · 1⤊ 0⤋
It did. Between 1980 and 1986 crude oil prices were at post industrial era record levels. One of the reasons for this was reduced production as a result of the Iran Iraq war.
2007-09-09 18:13:28 · answer #3 · answered by Sageandscholar 7 · 0⤊ 0⤋
We no longer purchased oil from Iran in 1980 during the Iran-Iraq fiasco. Iraq made up some of the shortfall but we'd already made deals with other oil producing countries. Whatever shortages there were were shortlived, Reagan was buddies with Iraq then.
2007-09-09 18:07:59 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I don't have the figures so I don't know that it didn't. But to take your word for it, The Supply was greater for the demand then. I don't know if you realize the use of the automobile and petroleum products has greatly increased in the last decade. China, India, ect. While oil supply and refining capacity hasn't. Please argue that point.
2007-09-09 18:06:23 · answer #5 · answered by asmith1022_2006 5 · 1⤊ 0⤋
You should be living our of the USA. Then you would know about gas price increases. give me a break!
2007-09-09 18:43:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Because it didn't involve Saudi Arabia.
2007-09-09 17:58:22 · answer #7 · answered by Anonymous · 0⤊ 1⤋
It did. Where were you? Oh, not old enough to drive yet back then?
2007-09-09 17:58:03 · answer #8 · answered by Dusty 7 · 1⤊ 0⤋