Succeed where 8 Presidents have failed.

[Steverino]

Question, how are fuel prices able to drop so much in few short weeks? Tension in the middle east easing?, US using less fuel?, have we expanded exploration is the US?, election year prop?, or is it something more that neither you or I are privileged enough to know?

Every time I see the price of oil go up or down, it's pegged to economic growth (or lack thereof), or political tension (or lack thereof) in oil producing nations.

When politicians start talking about bombing Iran, the price shoots up (pun), when Iran threatens to blockade oil routes, the price goes up more. When Europe or the US show lagging growth, the price drops. How does this happen?

It's not Obama on a ladder posting new gas prices. It's oil traders and oil speculators. Oil is a global commodity traded like soy beans, coffee, corn, etc. Supply is pretty close to demand so fear, doubt, uncertainty in political and economic areas can have a dramatic effect on oil prices world wide.

Add to that hopper the normal summer maintenance shut down of domestic gas refineries that limits supply.

[MrEnergyCzar]

Peak Oil causes a lot of false promises. The promises and blame will only accelerate...

MrEnergyCzar

[gaulfinger]

What an awesome clip!

[JamesMcQuaid]

What an awesome clip!

High five Steverino.

[Steverino]

High five Steverino.

Thanks, but it was actually DonC's idea. I just found the clip and posted it.