The influence of the global market on oil prices is pretty undeniable; opening up new drilling locations will not affect oil prices by a significant amount.
We've always been out of our minds.
1 year ago
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New Research Shows Speculation Adds 83 cents a gallon to Gas Prices at the Pump
Once again, Wall St. banks are destroying the rest of our lives.
The report found that without the influence of large-scale speculative oil trading in the commodities futures market, the national average price of gasoline at the pump in May would have been $3.13 rather than $3.96. This means that U.S. consumers paid on average an 83-cent premium per gallon in May for their gasoline purchases due to speculation in the futures market for oil. The report found that this premium translated into over $1 billion for the broader U.S. economy in May alone.
I’m surprised it only adds that much.
Source: spkent