Will More Drilling Mean Cheaper Gas?

[HAL 9000 96]

The reality is...there is no magic bullet for lowering gas prices.

Global recession seems to be the magic bullet you were looking for, Steven.

That doesn't make any sense to me.

I'd think that if the markets are down and there is less invested in companies, they would need to jack prices to compensate for the revenue lost in stocks. And companies always pass the bill to the consumer.

Unless we are in abundance of oil, which would lower the price. Supply/Demand.

We were *always* in abundance of oil. It was a speculation game - second-guessing the greed and fear of other investors. Back then the investors were greedy and right now they are afraid, very afraid.

Exactly.

But we still have people wanting to drill away even though the money for it will have to likely come from credit... and when the payoff isn't anywhere near as close as the investment was originally, I could fathom to say "I told you so" back in the day.

[Heracles 417]

Opec just said they are thinking of cutting production further to increase the price again.

[HAL 9000 96]

Yeah I heard the same but from the 'demand' POV.

[mawilson 2,133]

Opec just said they are thinking of cutting production further to increase the price again.

It won't matter - the price will keep going down. Remember how OPEC announced

a production increase a while back when the prices were going up? Didn't have much

of an impact - the market shrugged it off then and will do so now.