Ed Darrell Wrote:
Sep 14, 2012 3:52 AM
But the reality is that increasing U.S. oil supplies, or production, or exploration, doesn't necessarily bring down the price of gasoline, especially because that is dictated more by the futures market. The futures market is looking, now, at instability in the Middle East, especially Iran, and China's growing markets. Over the past year or so, fear of war in Iran has driven up oil -- so every time Rick Santorum said we ought to bomb Tehran, your gasoline went up another $0.10/gallon. Romney's wild pronouncements about supporting war in the Gulf keep the prices up. What about drilling in the U.S.? Well, Obama's allowed that, in spades. In fact, on Obama's watch, oil exploration is up, oil production is up, . . . .