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We're in mid $1.80's to High $1.70's in our area, now.

Eric

Gas hit $1.86 Gal here. I can't remember the last time I have seen gas this low.

Oh and the reason for the gas prices hikes was rampant speculation by traders. It was recently discovered a small select group was driving the prices up. The EU and the US were both investigate this. I have not heard anything recently.

It's just my opion and i'm game for somebody to tell me different, please add something more than just "sigh" I'd love to hear another point of view.

To clarify I feel that the pricing of gas, housing, and Schooling have far out stripped wages. Add the term "record profits for oil companies" and IMHO something fishy is going on.

I simply think that Capitolism is based on competition, so another energy source can't be anything but good.

You're arguing that an increase in supply cannot impact the price? Thats not a mathmatically correct statement. Having said that I agree with your last statement. Competition can't hurt.

Ah i see. I do belive that an increase 10 years down the road won't help gas prices. Now that the ban is lifted we'll se what happens.

It wouldn't be 10 years. thats nonsense. However, assume it was 10 years. if we had started 10 years ago, it would be impacting now.

Additionally if we don't the Chinese will. Someone will get that oil. Its our oil.

Record profits.

Lets say the olil companies take 3% as profit from every gallon sold.

So lets for ease of argument say the price used to be $1 per gallon before the speculators moved in.

3 cents per gallon.

Price went up and say it went to $2 per gallon.

6 cents per gallon.

Also remember the last few years with China and India coming online and increasing their consumption massively more was being sold.

Another factor for the drop in price has been the surge in the US dollar.

The price of oil has more than halved in the last 4 months, but the Australian dollar has dropped about 35% compared to the US in the same amount of time.
So our prices have dropped by about 1/3. If our dollar had maintained parity I'd be paying $60 cents per litre instead of $1.19

The person who will get the oil is the one who is prepared to pay the most for it.