Is there any reason for oil prices to go down in the USA?

According to Warren Buffett oil prices along with the War have been incredibly beneficial to the top five percent in our country-prices will only drop with a severe recession....(an unhealthy drop in demand)Is there any reason for oil prices to go down in the USA?
No reason whatsoever for prices to go down. Why do you think some car companies are now offering $2.99/gallon cards for 3 years? Because they know we'll never see gas under $3 again.Is there any reason for oil prices to go down in the USA?
oil prices have been driven up by 3 factors





#1 the removal of the 3rd largest exporter (Iraq) from the world market (they are still at only 20% thier prewar capacity)





#2 growth in demand from China/India and 3rd world





#3 the 50% drop in the value of the US dollar in the last 6 years compared to the Euro and the Pound becuase of the huge deficit spending bush has allowed (for the war and tax cuts)





#4 Speculators who have driven up the price of oil to double its true market (supply and demand) value (along with gold, copper, metals, food and other commodities) switching thier invesments away from the US dollar to commodities (thus dropping the dollar even more and at the same time raising the price of everthing else)





a severe recession would help oil prices, but wouldnt be worth it for you and me





it would only be a buying opportunity for the rich





the smart solution is end the war, thus defacto cutting most of the deficit spending out of the budget, raise interest rates (to also make the dollar more attractive) that will turn the speculators away from comodities and back to the Dollar
No. While the United States currently pays an average price of $3.65 per gallon, this amount is far less than other nations. In addition, as cost continue to rise and the ability to locate large oil fields diminishes, the cost to benefit ratio decreases thus driving the price of oil higher. The only point in which the price oil will decrease is when an alternative full source that is less expensive is developed and made available to be used for transportation needs.





Excellent question. Warren Buffett is a genuis and a great individual to study.
Oil is not that expensive in reality. 70% is taxes that we pay to the City, County, State, and Federal. Oil companies are charging more for the same unimprove product. I think regulation and a tax relief could bring gas below two dollars again. Also if the Iraqi Government would get off its *** and start working well together we could successfully control the largest oil fields in the middle east and the price per barrel.
No because of all the environmental restraints forced on the oil companies. I find it laughable that the Presidential candidates and Congress keep talking about this. It's a free enterprise and they can't do absolutely nothing about the rising prices. It hurts me too but all I can say is thank you sir may I have another when I go to the pump....
No there really is no reason.


We are a take society, read the board here, some people have not changed anything they do.





Just wait food prices are going to go higher then they are already. Do city people really think with the gas prices the way they are even now farmers can get there crop to them at the prices they are used too?


People are already stealing gas.....isn't a severe recession called depression?
only one reason.... The next president will put the prices down to gain favor of the people and then put them back up and then down and find a spot in the middle to keep it... This is how it's always been done... We don't notice it because we are conditioned to this cycle... Gotta look from outside of the box...
The only way it will go down is if we use less...we could supply our country with oil if we could all cut back 60 percent of our own use. Alternative energy is one way, more efficient autos is another, more drilling is also an option. As long as we buy from foreign markets we have no control over what we pay.
There is really no reason for them to go down again, 2001 I remember paying .89 cent regular at Raceway gas station, and now at $4.00 after 8 years? it will keep increasing, I wouldn't be surprised we reach $7.00 once barrel prices set at $200 per barrel.
Oil prices are not going to go down. As a nation the US pays less than a lot of other countries.
If they'd build more refineries here in the States it would help, but that's obviously not happening any time soon.
Warren Buffett should know, he is in the top 1 percent :))
he is absolutely right..after all thats why he has billions
no