[Myrddin]

Demand is falling, but so is supply. Supply is being choked off by Obama's anti-oil policies and the specter of a hot war with Iran squeezing supplies further.

[dirtboy]

Obama's oil policies suck, but they are not driving this phenomenon, oil output has increased recently due to Libya coming back on-line.

This is about gasoline supply. When one week I read about gasoline use utterly tanking, and the next week I see the usual babbling talking heads trying to come up with reasons why the price of gas will skyrocket despite severely declining domestic demand, I smell BS.

[thackney]

Demand is falling, but so is supply.

What supply do you think is falling?

Our domestic production of oil is climbing, we are refining more petroleum than we use, making us a net exporter of products. We still import too much oil, but the global supply is climbing, not falling.

There is a short term risk of an interruption of supply creating a spike in prices while refineries around the world try to top off their stocks prior to that happening, if they believe it likely.

But the global demand is growing and that is the biggest impact on the world oil price trends.