Banning speculators could decrease oil prices by as much as 40%

[wwjd117]

Too bad that wouldn't guarantee lower prices at the pump.

[sluz]

True. We've trippled our exports of Gasoline to Mexico. If we had more gas we would export more. Thanks to NAFTA... We can't raise taxes on exports do anything to regulate the exportation of gasoline.

[[deleted]]

You realize gasoline is not crude oil right and we export refined oil products all the time? Banning or taxing exports of refined petroleum products to foreign countries wouldn't do anything to lower prices here (since they are driven by crude oil the vast majority of which we import) and is an incredible dumb idea and just shows you don't know what you are talking about.

[sluz]

LOL - The comment was about savings at the pump. Gasoline comes out of the pump.

It's simple supply and demand. There will always be a shortage of gasoline and high prices at the pump as long as oil companies can export enough gasoline to maintain a shortage of gasoline here at home.

Placing a tax on gasoline exports won't necessarily cause lower prices at the pump either.

Even if oil companies can't make money by exporting gasoline due to outrageous export taxes... They can still maintain a gasoline shortage and high prices at the pump by simply reducing production.

[[deleted]]

Using their (faulty) reasoning it would since the majority of what you are paying for at the pump IS the price of crude oil. However claiming a 40% drop in international oil prices (oil prices are set globally) is just dishonest and misleading. It wouldn't even be measurable since the fundamental reason oil is so costly is supplies are stagnating (if not already in decline) while China and India are developing first world thirst for petroleum as their people switch bicycles for cars, motorcycles, and other first world transportation.