Can we control gasoline prices?

Question

Why can't the US just refuse to pay over a certain amount per barrel? like if we stopped buying for a few days, wouldn't they have to lower the price? we have fuel reserves and people are driving less, so we could probably handle a few days not buying some. I think this makes a ton of sense, if someone charges too much people stop buying and they have to bring the price down, isn't that how supply and demand works??If you cut down demand and the supply remains the same, then price drops..

Answer 1

if the fcking hippies let us drill in alaska. but if things keep going the way they are no, they will skyrocket up time after time after time again

Answer 2

Unfortunately no:

1) The price of gas is set by world demand and the US is only plays a small part. China uses more gas than the US and its economy is booming. The US boycotting oil for a few days will only eat into our reserves and give everyone else in the market a shot break from high prices as demand falls, as soon as the US starts buying again the demand will climb and so will the price.

2) SOME people may have started driving less and SOME have started driving more fuel efficient vehicles but the overall majority have not changed their driving habits. Also, even if everyone were to make these changes the fact is that there are MANY more people driving every year. The best we can hope for is that our demand increases at a slower rate, there is no way to decrease it while we still rely on fossil fuels.

3) I'm all for drilling in Alaska and off the coast but the reality is that it will not make much of an impact on gas prices. The estimated amount of oil the US would gain from drilling is roughly 1MM barrels a day. This may seem like a lot but the US alone consumes over 20MM barrels daily.  And don't forget that the cost is enormous just to get started.

In all likelihood the price of gas will not decrease for a very long time, if ever. Where we as consumers will begin to see pocket book relief will be in technological advances such as alternative fuels and green energy. For example, VW has plans to release its 1 Liter car in 2010. This tiny two-seater gets an estimated 235 MPG. Alternatively, Honda has a working prototype of a hydrogen fuel cell car that completely eliminates the need for Gasoline.

Answer 3

The easy answer is create more supply, while making cost effective decisions regarding on reducing demand. Unfortunately, we have it backwards right now. We refuse to allow drilling and allow cost ineffective ethanol into the system.

Answer 4

Just stop buying gas!

Anyone that wants to drill ANWR is an unpatriotic moron that hates America.

There are thousands of acres of land that oil companies have the rights to drill on yet all they wanna do is drill up ANWR.

And there is only enough oil in ANWR for 10 years plus its really hard to get to.