Let’s do a complete refresher then…
1) Take into account all domestically available oil, (a number which we don’t have yet since Obama hasn’t released exploritory permits)
2) If you throw in the economy realize you are throwing in OPEC price manipulation primarily who’s influence would increasingly deminish with each added domestic oil source.
3) People are calculating gasoline prices at the current taxed level. It’s an intristic tax which means it’s a tax on a tax, on a tax, on a tax… Gasoline is only $0.40-$1.00 a gallon without all the taxes.
4) Obama is subsidising additional energy with tax dollars. Take away those subsidies and it’s a HUGE loss which places a ton of blame directly on him as wasting energy. Oil however, even with the dangers of Peak Oil is still a money makerand net gain. (And Bernie Sanders’ ideology is directly to blame since Socialism is the main cause of all these taxes and drains on the economy and business.)
5) Glass-Steagal was a MARXIST policy and should never be reenacted. (I’m seeing a trend here though… Both Republicans and Democrats that have taken part in Marxist programs which have destroyed our economy and caused prices for things like oil to skyrocket.)
“The U.S. contains some of the world’s most thoroughly explored oil and gas basins. Most of the accessible, high-quality oil and natural gas have already been or are being produced, and remaining resources are increasingly concentrated in geologically challenging and environmentally sensitive settings.”
2. OPEC can influence prices, but they do not have quite the spare capacity as commonly thought. I would bet that they produce less to save for their own population or future generations. There is a good article at the oil drum on spare capacity.
3. Crude oil makes up the majority of the cost of gasoline. Below is a quote from this USA Today article. http://www.usatoday.com/money/industries/energy/2008-05-24-gas-breakdown_N.htm
The biggest factor in the skyrocketing price of gasoline is the historic ascent of crude oil, which has surged from $45 per barrel in 2004 to more than $135 this past week, setting new record highs all the while.
In the first quarter of this year, based on a retail price of gas that now seems like a steal — $3.11 a gallon — crude oil accounted for all but about a dollar, or 70%, of the cost, according to the federal government.
The rest is a complex mix of factors, from the cost of turning oil into gas to taxes to marketing costs to, sometimes, nothing more than the competitive whims of your local gas station owner.