2008-Obama Is So Pissed at 2013-Obama Over Gas Prices

[Lovebears65]

2008-Obama Is So Pissed at 2013-Obama Over Gas Prices | Independent Journal Review


Damn Bush.. Oh wait.............

 

[waltky]

Gas prices went up 25¢/gal. overnight here...

Are Gas Prices in Your Area Set to Skyrocket?
September 20, 2013 — The higher production of oil in the U.S. from new and remote locations could affect gas prices in the near term as extraction costs are ramping up, said industry experts.

While exploration and production companies are now selling oil for $100 a barrel, their profit margins have not kept up and earnings are sliding. Chevron, Exxon Mobil, Shell and other major oil companies reported weaker earnings recently as they tackle the same problem as many other producers. The cost of producing oil from newer and remote areas from tightly packed formations and deep waters is expensive and not likely to decline soon. Producing oil from some of the formations takes several years and is costly, even with the advent of newer technology as fracking and horizontal drilling.

Gasoline and oil prices could be affected by the higher costs companies are paying to produce the oil. "The easy oil has been found," said Brian Youngberg, a senior energy analyst at Edward Jones in St. Louis. "The oil we are producing is more expensive to get to and at the same time you have demand picking back up post recession. These factors are helping keep prices high."

Unconventional oil that is being extracted is coming from shale formations that needs fracking or horizontal drilling, deep ocean waters or in Canadian sands that require heat to remove the hydrocarbons, which are both costly and time consuming.

Drilling in the Gulf of Mexico costs about $60 per barrel while production in the Canadian oil sands goes up to $81 a barrel. An onshore field in the U.S. costs about $70, but can go as low as $45 or as high as $95 depending on the location and amount of oil flowing, said Chris Faulkner, CEO of Breitling Energy Companies, a Dallas oil and gas exploration and production company.

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[Politico]

Lol review whatever. Obama said his wet dream was to double prices. He ran on it. If anything he is ecstatic.

 

[eagle1462010]

Oil man Obama...........

Tied to the Greedy Oil companies and Markets getting rich off of the back of the people.

LOL

Amazing, the libs aren't saying Jack about these prices.

 

[Old Rocks]

Prices are set by demand. At present, the US is still exporting gas and diesel. When the rest of the world's economy gets back on track, you will see a real hike in prices, no matter who is President.