oil prices plunge...

[catland]

I just saw that blurb on cnn.com.

Guess I can go shopping for that SUV afterall.

[momoffuzzyfaces]

Yep! The House has ok'd drilling for oil in Alaska.

[mugsy]

I'm sorry, but I hope it is defeated in the Senate.

The price of gas has dropped to $1.49 here, but we'll wait and see what happens next Thursday because that's the day they always bump the price up here.

[iceyshiver21]

No way....I was hopeing that they wouldnt start drilling in Alaska, because doesnt that hurt the wildlife?? My moms happy with the price drop.

[Karen]

I am very sad that they okayed drilling in the Alaskan wildlife preserve.

Just goes to show you how inflated the prices already are, if this one thing, that won't take effect for years, if ever, can make prices "plunge."

[babolaypo65]

Naiive question: is it the Alaska drilling, or progress in the gulf that is making prices drop?
Reason I ask is what you mention the inflation of prices. As i recall after 9/11 prices plumeted, which indicated that they were higher than they needed to be.
So, I guess my question is, did they drop before or after the Alaska thing made it through congress?
I'm mixed on the Alaska thing personally. I keep reading that the U.S. is something like 4% of the population, but we use something like 60% of the oil... (I have no memory for numbers, so pls forgive me in advance)... I guess I just feel we need to have some independence from foreign oil, either by finding our own, which is bad in a wildlife preserve i agree... or better yet, learning to conserve better (which would mean fewer SUVs, less over the road trucking...). I just don't think we can keep having it both ways...

Originally posted by Karen
I am very sad that they okayed drilling in the Alaskan wildlife preserve.

Just goes to show you how inflated the prices already are, if this one thing, that won't take effect for years, if ever, can make prices "plunge."

[mugsy]

Drilling in Alaska is not what is making the prices go down. It's the price of oil coming from the Middle East. The price per barrel has dropped.

[babolaypo65]

Thanks. That's what my intuition was telling me...