It's about time

[crazypipe]

http://money.cnn.com/2012/11/12/news/economy/us-oil-production-energy/index.html?iid=HP_LN&hpt=hp_t3

 

[taerin]

That is pretty cool.

 

[captainprophesy]

We still need to come up with something better... but in the meantime... well its about time!

 

[papipeguy]

I still can't understand why gas is $3.50 here in Pa when oil is under $90/bbl. 5 years ago when oil was at that level the price of gas was $1.85/gal. There's no shortage of the stuff so blaming refining capacity doesn't work for me. Maybe someone here can enlighten me. Is it all profit for the refiners?

 

[lordofthepiperings]

First of all the price of todays gas is based on yesterdays barrel price. Meaning the gas at the pump today was probably bought months ago and would be part of the reason for the price remaining on the high side at the pump when oil is selling much cheaper by the barrel right now.
As for the barrel price being the same as it was five years ago and gas costing almost double what it did five years ago I think that has a lot to do with the wars in the Middle East we got tangled up in, the crash of the stock market, inflation to an extent, and the fact that we won't drill our own oil reserves.
I'm all for drilling our own oil reserves and getting off of Middle Eastern supplies as long as we don't end up needing Dawn to donate millions of dollars worth of soap to help clean off baby ducklings again like we did in Alaska in the early 90s. Proper measures need to be taken and protocal followed to help prevent spills.