He can drop the ridiculous Federal Tax, for one. He can use the Strategic Reserve, for another. He can raise the IRS tax deduction for mileage for small business owners.
In short, he can do what BUSH refuses to do; or even think. BUSH cannot think. He is a puppet of Cheney.How can Obama change the gas prices when it's not his choice, but the oil company?
Gas prices are not determined by oil companies! It's supply and demand, pure and simple. Sen. Obama, or anyone else for that matter, has NO say in the global price of oil. They can try to regulate the price, but all that does is create shortages (if you are old enough, recall the gas lines of the 1970's?)
In regards to oil companies setting the price of gas, remember 1997-1998 when gas prices were at $0.80/gln? Do you think oil companies decided to just be generous back then and sell it cheap? Nope, it was caused by a glut of supply combined with the Asian economic (currency) crisis that drove down global demand (which is the opposite of what is occuring now).
Oil prices (and hence gas prices), just like any commodity, are determined by a global market. The latest price is set by someone that is willing to pay that price. Oil prices dropped below $140/Bl because no one was willing to pay for it at that price anymore. Shortly someone will, and therefore the price will increase. Oil companies are price takers not price setters.
I wish our politicians and the American public would take an economics course. We would have a lot less misinformation and blame out there as a result.
Disclosure: I work for a small domestic oil company.How can Obama change the gas prices when it's not his choice, but the oil company?
The price of oil has been dropping for almost two weeks. The price of gas hasn't moved a bit.
Doesn't matter how much easier you make it for the oil companies, they will continue to gouge the consumer.
Obama is full of it.
Obama's plan to tax the oil companies will definitely raise the price
Anything to get a vote.
He can't
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