On Tue, 20 Jan 2009 19:20:35 -0500, Keith nuttle
wrote:

Eisboch wrote:

"jps" wrote in message
...


That's what caused $4 gas, not supply/demand. Get an education
please.

Please explain the drop from $140/barrel to $34/barrel when the demand
tanked.

Eisboch
The apparent unlimited supply of gasoline. The price of gas started down
the day after President Bush rescinded clintons off shore drilling ban.
When the apparent supply was severely limited under the ban the price
went up, when the apparent supply became unlimited without the ban the
price went down. Simple economic theory.

Then why were oil prices spiking last summer even as demand had
dropped and supplies were rapidly climbing?

Speculation, and it wasn't the people who store or refine who were
doing it.