How do the economics deniers explain the $50 drop in oil prices?

Dude, while I agree that we need to utilize our domestic natural resources to our best advantage (including drilling our own oil), the global increase in demand for oil will continue to outstrip production even if we ramp up our production by 10% per year. I hold fast to "the principle that we can't drill our way out of this problem." Ramping up our domestic production will be a TEMPORARY, PARTIAL solution to our current gas price problem.

Obama is a complete moron for asserting that drilling now won't help us until we actually start pumping five or ten years later--he obviously doesn't understand commodities futures markets, in which a subtle hint of increased supply ten years off can dramatically reduce prices TODAY. Nevertheless, the fluctuations in the commodities market that we've been seeing lately are still theoretically fluctuating around a market supply/demand equilibrium that is much higher than it was just a few years ago.

Cheap oil is gone, my friend. So guess what--suddenly there's all kinds of (highly successful) research going into battery technology! My official prediction: within a decade there will be one electric car (with or without a gasoline-powered range extender) for every two gas-powered cars. Within two decades, gasoline-powered cars will be seen mostly at antique car shows.

I really don't understand why my fellow right-wingers are so resistant to the idea of not being so dependant on oil (oh yeah, I know why--it's because we're all big-shot Texas oilmen--right, liberals?) No, I just think it's because we don't want to be associated with the current "green" movement, in which you're a hero if you make bad economic choices--like paying 12 grand more for a hybrid car that gets about 8 mpg more than its conventional equivalent.

I'm not talking about screwing the country to "save the planet." I'm talking about retaining our moblity without having to import 80% of the fuel we burn. Think about it--genuine energy independence. Wouldn't that be cool?

i are conscious of it may sound stupid to declare this, however the cost of oil and gas easily are not appropriate that heavily. keep in mind, gas production companies (of which there are purely a handful interior the U. S. to start with) purely ever produce a set quantity of gasoline. I ignore the real ratio, even nevertheless it works out to something like 50 to seventy 5 % of their attainable entire output. That reasons the gas fees to stay at a marginally even point, which yeah, this is severe, even nevertheless this is rather secure. Oil on the different hand varies somewhat. the cost of a barrel of crude will variety from one end of the spectrum to the different each and daily. sometimes, hourly. because of this, you notice oil fees around the charts, with barrels being severe sooner or later, low the subsequent. even nevertheless, the little secret that maximum folk don't understand, is that those gas production companies have stockpiled their oil. meaning that the each and daily cost rather does not influence them that lots, because of the fact that they have tens of millions, maybe billions sometimes, of barrels in extensive oil tanks waiting to be sophisticated. because of the fact that they don't refine that lots, as i've got reported above, the gas cost does not variety that lots. My element right here being that this is probable accident on the way oil and gas fees raised on the comparable time. because of the fact that they the two pass in cycles of highs and lows, it stands to reason they could have matched up a minimum of as quickly as interior the previous 12 months or 2.