When will there be a solution for these high gas prices currently devastating automobile owners?

Question

And what will the solution be? Will production increase in order to lower the price? or will some genius discover an incredible, cheap, alternative cource?

Answer 1

I just don't see it as a simple supply and demand issue. I think everything contributes to high prices not just high demand - weak US dollar, Iraq war, speculators. I can't see drilling as the only answer because no one has a direct answer for these issues

If we were able to start drilling in currently banned places it's been said we could add 18 million barrels of oil per day. But oil is a "worldwide" market. Who's to say where oil companies can sell their finished product?

Being a business, they will sell it to where they can make the most profit. 18 nations use a million+ barrels of oil each per day, will the US "demand" oil companies sell only to the US? After deregulating the oil companies will the government go back on their word is start regulating them again?

Worldwide consumption is over 80 million barrels a day today but how much will the world use 10, 20 or 30 years from now?

"World oil use is projected to rise to 98 million barrels a day in 2015 and to 118 million barrels a day in 2030 -- up from 80 million barrels in 2003." - Stephanie I. Cohen, Wall Street Journal.

The prices may slow consumption a little and drilling seems like a short term solution (if it will help at all) but truthfully a massive worldwide effort is need by to lower the need for oil and turn "alternative" energy into main sources of power along with a more effective mass transportation system.

Answer 2

It will begin when the democrats stop partisan politics and do what the majority of US citizens want and vote for more drilling (off shore and other places).

Some of the cost for fuel could immediately be lowered if speculators were required to put up all the money instead of just a small percentage, which I think is currently only 10%.

Hopefully new technology will replace fossil fuels in the next few years.

Answer 3

Both.  Short term -more drilling.  Long term - alternative fuels.  When - the 64,000 dollar question.

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