Glut Of Oil Moving Towards A Peak

Today the national average for a gallon of gas is $2.62. Last year at this time it was over $4. Speculators and OPEC are keeping fuel prices artificially high even now. However, there is downward pressure against this. It's in the form of a very large glut of oil. This oil is being stored in supertankers that are either out at sea or sitting at docks. Investors, oil companies and even some banks have bought and stored surplus oil everywhere they can. The glut has gone on for so long, that the cost of all of that storage is bound to rise. When it rises enough, some suppliers will refuse to pay and a lot of that oil will be dumped onto the market, forcing oil and gas prices lower.

If enough of that oil floods the market, gas prices could go back to March levels, which were under $2 a gallon. That's good news for everyone.(HT LA Slimes):

LA Times: Glut Of Oil Could Push Gasoline Prices Back Down Below $2 A Gallon

Smackdown High Gas Prices

The following blog nails it when it comes to gas prices, socialism and what King Hussein said on this topic. The left must be defeated on all fronts. The truth is that the left and the right are irreconcilable. This is how you do it. (HT thehamptonnews.com)

Time to stop rising gas prices before its too late

Why are gas prices going up again?

When President Bush was in office, gas prices exceeded $4 per gallon. Gas prices started going down within days, after President Bush signed an executive order allowing offshore drilling for oil.

During his campaign for president, President Obama said he did not have a problem with gas being $4 a gallon. He said he had a problem with gas prices getting to $4 so fast.

Notice President Obama is not saying a word about the steady increase in gas prices. Why? Because it is increasing slowly.

In 2007, U.S. refineries produced 90 percent of the gasoline used in the United States. Ten countries account for approximately 87 percent of all U.S. crude oil imports.

If President Obama wanted the price of gasoline to come down, all he has to do is announce that all oil drilling in the United States, including on shore, offshore and in the Arctic National Wildlife Refuge, is a priority. Then, start announcing how many new wells start producing each month.

We are going to be forced to drive smaller, more efficient cars. Death rates in vehicle accidents will increase. Gas prices will double. State and federal taxes on gasoline will increase.

Then, we will be forced to pay a tax on each mile we drive, because tax revenues will be down because of the better mileage. We will be paying more for less. In the end, we will be driving a smaller car that costs us more to drive per mile and that we are more likely to get killed in.

How many freedoms are you going to allow the government to take away from you before you do something? Please do not wait until you see a strange flag flying over our Capitol.

Russell Bongiovanni Sr.

Thehamptonnews.com: Time To Stop Rising Gas Prices Before Its Too Late

OPEC Takes Pleasure In Your Pain At The Pump

Let's be crystal clear on this. The OPEC nations don't like America or its citizens. However, they need our money in order to survive. Anyone who's up on current and world events knows they've hated our guts for a very long time. So to make an announcement to cut production to push gas prices higher is the standard M.O. for them. Don't think for one second that OPEC thugs like Ahmadinejad and Chavez have America's best interests at heart. They never will. Time and again, they've shown contempt for America and its President, regardless if it was Bush or Obama. The more Obama voters who wake up to this the better. I already know the brownshirts and Obamabots can't be counted on for anything. (HT Time):

Time: OPEC Wants You to Pay More for Gas