Gas prices have dropped since Bush lifted the exectutive ban, will they continue?

What will definitely help is if the ban on offshore drilling is lifted by Congress. That will let the speculators know that supplies will increase. When they buy futures contracts they are guessing what the price will be in the future.

Ben Bernanke and Bush spoke at the same time and both said the same thing. Bernanke reported that supplies had risen (Saudi Arabia increased production) and demand had decreased for the month of June. With these speeches, relative calm in Iran, and supply and demand easing all contributed to lowering oil prices.

The world oil supply is at 87 mil barrels a day and the demand is at 86. That's too close. Prices could go right back up on any bad news. Supplies have to be increased and demand lowered to make a permanent difference.

You may be correct, but Bush lifting the ban was symbolic. Nothing will ever happen with it because congress won't lift the ban.

Speculators are a big problem with our gas prices, they drive the market and the cost.

One reason the prices are dropping is that demand is down so supplies are up. Another is that people really are starting to look at better gas mileage when they are buying cars.

Ford announced that they are going to retool their US plants to make a car that they sell in Europe that gets good gas mileage, truck sales are dropping quickly.

I believe that the the ban had some to do with the dropping prices, but very little. good question...

I think people are grossly overlooking the fact that the oil bought on the market today and the last 15 since the drop, is based on deliveries in September/October which is AFTER the summer vacation/driving season. Thus consumption in the US will be lower in those months than it is now. However, I'm sure it makes a few people happy to think that Bush actually had something to do with it.

Gas is going down because the speculators have run their course on the oil commodity. The ban on drilling had no effect, contrary to popular belief. I know I sound like a "God damn Liberal," but I'm not. The fact is, supply and demand had an affect...but only when the speculators essentially began betting on the oil to go up. Drilling has nothing to do with the price...nor will it even if we get the oil 30 years from now. If inflation goes up an avg. 4-6% every 30 years...and the new off shore oil will only decrease today's price by 1-2%. How will that work?

gas prices dropped because demand dropped

speculators are Not as stupid as you are - they understand that unless congress lifts the off-shore drilling ban what bush says means nothing.

it's ALL over the news

people are taking the bus more

biking more

carpooling more

taking the train more

walking more

buying fewer SUV's and Trucks

car companies are shutting down some of the plants that make SUV's and Trucks

and they are opening up more plants that make small fuel efficient cars.

Et cetera

Et cetera

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thanks to Vince for a great answer.

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sorry bush @ss-kisser

but..

the fact that the drop was "immediately after" bush lifted the Executive ban Proves it wasn't him.

Obviously it would take weeks (maybe months) for such a statement to affect prices

but that's not even possible because the speculators are not the simpletons you make them out to be.

one more correction about your incorrect statement(s)

The oil companies Told Congress that their current oil leases have an estimated SIX times the amount of oil they estimate is in ANWAR

they DON'T keep the bad leases

and the are currently spending Billions to develop their good leases.

You might want to look into what the oil companies are telling the U.S. Government before you run your mouth next time.

The drop in demand was far too trivial to cause a significant price drop. It has to be based on the potential for expanded production in the future.

Demand dropped

'US demand for oil dropped 3.0% in the first half of 2008 '

' gasoline deliveries dropped 1.7%'

A 4.7% drop in $4.11 gas = $3.52

Demand dropped some time ago. Therefore we get a lower price.

Our oil companies simply dont NEED to drill more.

Gas prices dropped because of the drop in demand. People can't afford the high gas prices so they use less. The prices drop. This is the true correlation, not a drop in the bucket that is 5+ years away.

So if the miracle maker GWB can cause the world-wide price of oil to drop in one speech, then why can't he do the same to end the Iraq war and bring to justice Osama Bin Laden? Super Genius could even eliminate the national debt with just a mention.

ADDITION FOR DAN: Demand in the U.S has dropped. A report from the President's own people.

Demand for gasoline has dropped. so the price has dropped. Pretty basic economics. To think that a lame-duck US President has ANY affect on gas prices is delusional.