Oil Slick Stuff

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Whatever it is that causes prices to fall, let's just agree that it is nicer to spend less filling up the tank than it took two weeks ago, and leave it at that.
Gas prices- USA Average:
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Besides- I still like my renewable biofuels.

Seen the price of ethanol lately? Darn corn speculators are at it again!!
 
June 2008 President Bush announced he was opening up the restrictions on Oil Exploration and Drilling, the result is clear on the chart!
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Bush Acts on Drilling, Challenging Democrats
WASHINGTON — President Bush lifted nearly two decades of executive orders banning drilling for oil and natural gas off the country’s shoreline on Monday while challenging Congress to open up more areas for exploration to address soaring energy prices.
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“For years, my administration has been calling on Congress to expand domestic oil production,” Mr. Bush said in a brief Rose Garden appearance in which he sought to saddle his party’s opponents with responsibility for gasoline prices exceeding $4 per gallon. “Unfortunately, Democrats on Capitol Hill have rejected virtually every proposal, and now Americans are paying at the pump.”
Mr. Bush’s critics reacted furiously, restating support for alternative legislative proposals, including releasing oil from the Strategic Petroleum Reserve. Representative Rahm Emanuel, Democrat of Illinois, denounced the president’s decision as “a political stunt.”
Representative Nancy Pelosi of California, the speaker of the House, derided “the oilman in the White House” and said the plan would not address the immediate spike in energy prices.
“The Bush plan is a hoax,” Ms. Pelosi said in a statement. “It will neither reduce gas prices nor increase energy independence.”
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http://www.nytimes.com/2008/07/15/us/15bush.html
 
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[h=1]Oil Prices Slide on Greece Uncertainty[/h]Published May 08, 2012
Reuters



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Oil prices tumbled for a fifth day on Tuesday as Greece's post-election uncertainty added to indications of economic slowdown on both sides of the Atlantic and fanned concerns about weakening demand for petroleum as supply increases.
Crude futures, the euro and stock markets were pressured by headlines saying leftist party leader Alexis Tsipras will not cooperate with Greece's two main parties, conservative New Democracy and socialist PASOK, unless they renege on pledges made to abide by a bailout deal made with the European Union and the International Monetary Fund.
Greece's Left Coalition has been given a three-day window to try and form a coalition government after New Democracy, which captured the largest vote share Sunday, failed to make headway.
"As Europe's political, financial and social cohesion crumbles, it will have the attendant effect on demand," said Michael Fitzpatrick, editor of industry newsletter Energy Overview in New York.
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Read more: Oil Prices Slide on Greece Uncertainty | Fox Business
 
May 8, 2012, 2:24 p.m. EDT
EIA cuts gas price forecast for summer season

By Myra P. Saefong 0.00%

SAN FRANCISCO (MarketWatch) -- Regular gasoline retail prices will average $3.79 a gallon for the April-through-September summer driving season, down 16 cents from a previous forecast, according to the U.S. Energy Information Administration's latest monthly Short-Term Energy Outlook report, issued Tuesday. It also expects prices to average $3.71 this year, and $3.67 in 2013, compared with $3.53 in 2011. The EIA expects West Texas Intermediate crude oil +0.33% to average $104 a barrel this year, about $2 lower than last month's outlook, but still $9 above the average 2011 price.
EIA cuts gas price forecast for summer season - MarketWatch
 
May 9, 2012, 5:55 a.m. EDT
Crude-oil tracks global markets lower

By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — Crude oil was en route for a sixth session of losses on Wednesday, as it tracked tumbling prices for other commodities amid worries about Europe’s political future and global growth.
Crude oil for June delivery dropped 62 cents, or 0.6%, to $96.40 a barrel, after it lost 93 cents, or 1%, to settle at $97.01 a barrel on the New York Mercantile Exchange on Tuesday.
Oil futures have lost more than 2% this week so far.
Crude oil tracks global markets lower - Futures Movers - MarketWatch
 
It appears that OPEC thinks the price of Oil should be a tad higher?:nuts:
May 10, 2012, 6:52 a.m. EDT
OPEC nudges world oil demand forecast higher

By William L. Watts FR
ANKFURT (MarketWatch) -- The Organization of Petroleum Exporting Countries, or OPEC, on Thursday said it expects world oil demand to grow by 900,000 barrels a day in 2012, up slightly from 860,000 barrels in its April forecast.
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OPEC nudges world oil demand forecast higher - MarketWatch
 
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