Yet, gas, at least from what I’ve seen is no lower in price than a couple of months ago.
It’s dropped about $.15/gal since Oct around here.
Two reasons why gasoline doesn’t get cheaper:
Oil is priced based on World Wide supply and demand, and U.S. production doesn’t influence WW supply very much.
Gas in the U.S. is segregated into regional specific blends that cannot compete with one another, effectively creating a few oligopolies (a few sellers per market) that can limit competition and keep prices higher than would occur in a nation wide market.
Gas in Washington State dropped from around $4.25 to $3.25 in the last 6 months.
The United States has not built a new Oil Refinery since 1979.
What good is a glut of crude oil if you don’t have a refinery that can turn it in to useful products like gasoline?
The price of gasoline is governed as much by the refiners as it is by the spot price of crude oil.
We need a congress and president that will reign in the out of control EPA.
But that is unlikely to happen.
We still import more than we produce ourselves, even with this increase. We have plenty of refining capability, but most of it is from outside our borders.
http://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_w.htm
That doesn’t free us up for much economic savings while the world oil price remains relatively strong.