Gas prices expected to start dropping
By Gary Richards, San Jose Mercury News
If $4.26 for a gallon of gas seems painful, relax. The price at the pump in California is ever so slowly falling after four weeks of constant increases — and could drop as much as 40 to 50 cents by July 4.
“They just started to ease. The worst may be behind us,” said Patrick DeHaan, petroleum analyst for GasBuddy.com. “The next week is crucial. Let’s see what happens if oil is lower.”
The price of oil fell below $100 a barrel Thursday for the first time in three weeks, as the price of gas reached a state average of $4.261, down ever so slightly from $4.263 the day before.
I’m supposed to be thankful the oil billionaire tycoons are giving us a break??? I remember when oil was under $100/barrel and we were NOT paying these prices. It was more like $2.99 or less a gallon. They will jack it back up sooner than we think. It’s the way it works. AND your own president O’Bummer wants to block domestic oil production here at home. VERY telling of where his priorities are. Why help the country he is determined to destroy?!
Gaspen. Again you have no facts on rants and opinions. Under President Obama, the USA is leading the World in Oil and Natural Gas production; we went past Russia in 2013.
Rock, I respect your thoughts but please post the evidence….so I may be enlightened. I have yet to see where we Americans are using our own oil and don’t you think lower gas prices would reflect that. OR are we selling it to some other country ……for reasons of ??????
Private business. If you don’t like the price, don’t buy the product.
Bananas cost more at Raley’s than at Safeway. I get my bananas at Safeway.
Gaspen, you have to be kidding. Yes there is an international oil market. Yes U.S. oil is sold into that with the exception of the oil from the Alaska pipeline. So no, U.S. production should not greatly reduce prices with the exception that transport costs are lower for domestic crude, and we generally have good quality oil.
Why would a domestic oil company take a lower U.S. price when they can ship to China?
Gaspen. The reason prices have not fallen is because the Oil “business” is a Monopoly Market Model. Look up the recent prices of stock value for oil stocks over the past couple of months… 20% up. This is not nuclear, rocket, climate or DNA science GA.
I am not your search engine. Look up US oil and gas production 2013 for references.
rock, you made that up. Oil is not even close to a monopoly. By definition a monopoly controls supply in a market without substitute goods.
Lets take a look at the international oil market players:
Royal Dutch
Exxon
Pemex
BP
Conoco
Chevron
Gazprom
etc., etc.,
That isn’t a monopoly in production or sales. Not even close. Pemex and other companies have a monopoly in post refinery sales in their respective countries. But those countries subsidize fuel costs generally. The fact is they are still subject to the international markets for crude.
Gaspen. a. The top 10 on your list control almost 60% of the market. b. Exxon stock price up about 15%, Shell stock price up about 16% and BP up about 10% in the last three months. The USA is third in the world of oil production and first in the world of oil and natural gas production as of last year (various news sources on the web).
Gas taxes up. . .