Oil is trading at $57/barrel today. Have the Saudis lowered their prices?

Or were the traders permitted by our current President to rip us off when oil was trading at $147.00 just a few months ago?Oil is trading at $57/barrel today. Have the Saudis lowered their prices?
This demostrates how it is all orchestrated from on high. We are here now because they know exactly how much we can afford to pay at any given time. TomTom worked for Exxon for years. He calls it, ';The old double-cross.'; (XX)Oil is trading at $57/barrel today. Have the Saudis lowered their prices?
Contrary to common belief, we don't buy most of our oil from Saudi Arabia. Most of our imported oil comes from Canada. We also import from Mexico, Venezuela, and several other countries, as well as produce a respectable percentage of our own oil.





Although the price of a barrel of oil has gone down it takes a while for that impact to be felt at the gas pump. First there is the refining process--one area we could do better since our refining capacity is more limited than it should be. Then there are the shipping and wholesale costs of the refined products.





Although we are paying a lower price at the gas pump now that's based partly on the reduced demand of the last few months and reflects partly the price of oil a month or more ago.





The president has very little control over the price of petroleum or its products. He can increase the supply by releasing oil from the SPR, but there's not much else he can do. And that supply, by the way, is miniscule compared to the amount of oil we actually use.





The traders do their own thing. The president doesn't control them in any way. Commodities speculation is an investment area so complex I wouldn't consider touching it with a 100 foot pole.



There are 2 large factors among many different factors that have made this happen.





Demand has dropped significantly. Most people who study this effect have seen this coming. With the money crisis, people are spending less money and are less confident in investments such as oil. So prices are being dropped to increase demand of fuel.





Next, is the investment of alternative fuels. When prices were over $100 a barrel, investors see a surge of money go into alternative energies. Oil markets are trying to offset that investment by lowering prices, and therefore making alternative energy look less appealing to investors.
oil prices are set by speculators.....they look at several factors but ultimately, it was what they think it will go to when others jump into the market...it's a monkey see monkey do market....they set contracts to buy oil at a certain price....it's the speculators that set prices.....and yes, they got away with murder over the summer and helped with the economic collapse.
Don't look to the President to be the catch all for all our problems. The world is hurting economically, not just America, therefore using less oil. Less usage less demand less $. Now I am surprised to see it still dropping considering that they discussed producing less to keep the price up.
What I want to know is why the price goes up the same percentage at the pumps when prices rise and prices only fall 30% of the barrel price drop when going the other way?





A barrel has dropped 65% in price. A litre has dropped 21%.





Why do I not believe a stinking word they say anymore?
We'll never know. I know one thing that's apparent to me and a LOT of other people...


The extra money we have, not devoted to gasoline, is being slurped up by HIGH grocery prices...it's like the supermarkets are telling us,'One way or the other, we're going to get YOUR money'...madder than hell!!!
The Saudis do not, contrary to popular believe, set oil prices. They control only production, and at that only production of Saudi Oil.
Please educate yourself on this topic. The President doesn't just snap his fingers and oil prices go up or down...





http://www.rediff.com/money/2005/sep/01o鈥?/a>
A President does not establish oil prices, a world market does.
Given the worldwide recession, the world has lowered its demand.
All I can say is, If nothing changes nothing changes.


And strange we never ran out of gas..........LOL