Cheap gas no more?

[WanganRunner]

Originally Posted by RJF

It is Obama's fault. We'll be back at $4.00+ by summer.

President Obama is shelving a plan announced in the final days of the Bush presidency to open much of the U.S. coast to oil and gas drilling, including 130 million acres off California's shores from Mendocino to San Diego.



White House puts coastal drilling plans on hold

Hmmmm....No.

While I DO support drilling, there isn't enough oil offshore and/or in Alaska to have any meaningful impact on prices, and it wouldn't hit the market for years anyway.

And there's no way it'll be $4.00 again by summer. No. Way.

There was a speculative oil bubble and it exploded. It'll creep back up gradually, but it will absolutely not be at $4.00 by summer unless some major crisis hits refining or production capacities.

Normal seasonal fluctuations don't drive 100%+ price increases, doesn't happen. Maybe 10-20%.