"According to the Energy Information Administration, the last time crude oil prices were stable in the $60-$70 range was between June and August of 2009 and the national average price of regular gasoline was $2.50 to $2.70. Therefore, if today's oil markets were based on supply and demand fundamentals, drivers would be paying about a dollar-and-a-half less per gallon, or around $20 less each time they fill up their gas tanks."
She forgot to tell you that Obama took 1.25 M BPD of Primo off the export market when he said, "Bomb, bomb bomb, bombbomb Libya.".
She also forgot to tell you we were coming out of a crash in '09, and it wasn't until 3/10 that consumption got back to where it was on PreCrash Planet when production peaked in '05 and the price started to triple or triple double on the road to the quadruple Yergin. IOW, she forgot to tell you demand was sharply reduced in '09. She forgot to tell you we still aren't producing any more now than we did in '05, but that China is now using the 1-1.5 M BPD we gave up in the Crash. That's not why I won't be voting for her, tho. Forgetfulness isn't that big a sin.
3/7/10 World oil consumption has recovered back to its pre-crash peak. Numbers published for December 2009, and January 2010 show that demand for the crude once again touched 86.4 MB/d – or A Thousand Barrels a Second
investmenttools.com |
