Why do people think that domestic oil will lower gas prices?

It was only a few years ago that people were ranting about going into Iraq and how it would lower gas prices, nope they sky rocketed. In the past few years all the major American oil companies stated RECORD PROFITS. Do people understand that the supply of oil has not gone down? The oil companies have been price fixing, and keeping the profits from increases for themselves instead of passing the savings onto us. Why do people think that drilling by the very companies who raised gas prices by 4 bucks when there was no change in supply would lower the prices once they drill??

13 Responses to “Why do people think that domestic oil will lower gas prices?”

  1. Jason S Says:

    Its politicized. Plain and simple. That, the casual viewer understands. Drill more… more oil… lower prices.

    They do not recognize that its a drop of water in a barrel compared to world oil supply and demand, and the fact that demand is increasing every single day, with China and India rising as economic powers. For a finite resource. The world hit peak oil in the 90’s. But people think it couldn’t hurt, so it’s not a bad idea.

    There’s nothing wrong with more drilling if it’s safe. My problem with it is that by politicizing more drilling people are blinded to the much bigger reality that in 50 years no country can rely on oil to operate its economy. The west has been asleep at the switch when it’s come to oil the past 30 years, and if people think domestic drilling is the solution, they are going back to sleep. I truly do believe energy is the single most important issue facing a lot of countries, not just the US.

  2. tehpurplepills Says:

    i dont know but yeha i heard that from my freind tv, it sayd that they sell gas for what prices there gonna be, so it doesnt matter if they do drill or nopt it just matters if people think there gonna drill or not because if people think there drilling alot mroe tnow there gonna think the oil price is gonna fall and there gonna sell it for less

  3. www.scapegoatz.com Says:

    Because we would reduce the amount that we would have to import. We also can set the prices as we are not a part of opec.

  4. rascalKING123 Says:

    no one EVER said that going to iraq would lower the price of oil. the media made you think they did. its not the fucking oil companies who raise the price. its common fucking law of supply and demand! that and the commodity market. your just a narrow minded thinking retard who assumes that bcz you pay so much that its the corporations fault. if you want to lower prices, you make the supply higher. to do that, you drill! the middle east isnt goign to raise the supply for us. PLUS obama is talking like he wants to go cold turkey from middle east oil. you cant do that without stepping stones!

  5. smarties28 Says:

    Even if America drills Alaskan wilderness for oil it isn’t going to bring prices down. Oil companies are going make millions shipping the oil worldwide.

    People think it will lower gas prices because most Americans believe what politicians say. If you don’t believe me just look how people voted for Bush twice! All those people made very poor choices because they believe the porkies our politicians tell.

  6. rxing Says:

    people dont pay attention to the truth

  7. revanishing Says:

    The price of oil will always be going up and that’s for two reasons !
    One the better gas performance on newer car , large oil companies they are not going to part with that profit loss !
    Two the oil wells are starting to run dry and the less there is the more valuable it will become !
    Face the fact where screwed !.p
    The only thing that the drilling is going to help us be more self efficient and not depend upon other countries . Which will be a good thing !

  8. Alan S Says:

    domestic oil won’t lower the price. Major oil will still charge the going rate regardless of how much less it costs them to get it themselves. the futures speculators have driven up the price all for wanton profits and the oil companies will gladly reap the benefits from their greed. the only way the cost of fuel is going to come down is through alternatives that don’t have their costs tied to oil or the oil companies. Henry Ford was growing his own fuel on a couple of acres using hemp, even after Harry Anslinger got it outlawed with his BS lies. private companies or individuals growing their own crops and producing their own ethanol (it uses age old technology of fermentation and distillation) will do more to lower the price by lowering the demand than dumping money into drilling for the last of a very limited resource.

  9. jacobjack_09 Says:

    The answer is simple, those that think that way are un informed and un educated. They refuse to check into and except facts. Even if we do find more oil we do not have the capacity to refine it at present. New capacity to refine oil takes 10 years and no one wants a refinery in their back yard.
    Also check the percent of $46 billion in profits made by Exon Mobil, They spent very little on exploration, they also have 46 million acre’s of public land under lease now. Exxon decided to pay stock holders and skip the spending on new wells, that keeps the supply low and the price high.
    The answer is far to simple for most Republicans to understand, the answer is conservation. Americans drove 12.2 million miles less in June than a year ago. The price of gas went down as a result, it’s $3.50 now..

  10. Inspired Says:

    Increasing DOMESTIC supply will help reduce demand and have an effect on the market.

    The thing I really like about McCain and Palin’s plan is that they want to do this in the short term to try to bring down gas prices while they build nuclear power plants, utilize wind energy, etc to make us as independent as possible. This will not only help our economy but also help our National Security. Do you really want Iran to be able to bring the United states to it’s knees because of oil prices if we do have to stand off against them in the event that Iran tries to build a nuclear weapon?

    Can you imagine how high gas prices would go in that event?

    The problem is that we IMPORT too much of it!

  11. john c Says:

    LOL lets fact it most people are not that bright and allowed to vote…a dangerous combination. of course they are price fixing anyone with 3 brain cells can figure that out.

  12. BrunoGiordano Says:

    People have this funny idea in America that the people actually own oil in American territory, They don’t. The oil companies do and the small per cent that new drilling would represent on the world market would be meaningless in reducing the price of oil.

    However, if, like Venezuela did, we’d reclaim our ownership of American oil we could set our at home prices as we liked. Might dip into Bush’s profits though.

  13. ohioian Says:

    people are too dumb to be governed