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Old 10-24-2012, 11:56 AM   #9
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Quote:
Originally Posted by Amnorix View Post
What is far from the truth? Production is production. It doesn't mean we're a net exporter. I thoguh the comment about being the new Middle East is silly given that we don't export oil on a net basis.

But the real point is that worldwide oil prices are completely integrated. The idea that we can pump our way back to $2.00/gallon is a joke. This isn't the 70s. Oil goes to wherever it gets the highest price.
One of the largest factors in crude pricing is spare global capacity. If we were to bump that up by a few million barrels/day, it would influence crude pricing and therefore gasoline pricing.
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