Oil, Gas Prices Drop on Bush Supply Move

AP ^ | 4-25-06 | AP

[keithtoo]

Crude oil and gasoline futures fell Tuesday after President Bush gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another. President Bush also said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, but analysts said that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact, analysts said, given that the main force behind today's soaring pump prices is the near-record price of crude oil.

[Fledermaus]

Exactly. Time to get people going back to totally wasting fuel because they think it's cheap!!

Seriously though, even at $3.00 plus a gallon there are parents driving their kids in SUV's five hundred yards to a bus stop, running the engine for twenty minutes, and then driving home.

People waste so much fuel it's laughable. How many do you know that will drive around town to different grocery stores to save 10 cents on a can of peas?

I'll bet good money they whine about gas prices.

[MadIvan]

Actually, no, I drive an Audi A4.

Regards, Ivan

[RHINO369]

"The cost of raw crude might be relatively low, but there's a very important point to note here. The cost of refining is a major component of the price, and refining costs have increased dramatically in recent years as the U.S. has imported more and more oil from places like Canada and Mexico. This oil is not the light crude that is ideal for refining into gasoline, so it takes a lot more effort to make gasoline out of the heavier crude."

Except teh cost of raw crude isn't relatively low. Its at the highest its EVER been. (Well in the 1970s it was cheaper but a dollar was worth more then) Over half the cost of gas comes from just buying crude oil.