Who has more power to effect the price of oil? The President or Congress?

Question

Additionally, regardless of who has more power to do so, who's job is it, or is it neither ones job?

Answer 1

at this point non of the above! hope that changes!

Answer 2

Well when Nixon was in office he signed an executive order capping the price of gadoline so I guess technically the president could alter it but the outcome wasn't so great.

Rationing and fuel shortages were the result.

It's the markets job to regulate the price, however since congress and the president have created laws to impede the production of oil they must open up the market or we will face uncharacteristically high oil prices.

Answer 3

Both have the ability to counter speculation in the oil markets.  I loved the Friday oil market.  The price went down as a major hurricane in the Gulf closed oil rigs that are responsible for about 25% of domestic oil production, and closed ports through which 56% of foreign oil enters the U.S.  The NY Mercantile Exchange oil futures market opened early today to help traders account for the lost production, and the price of oil blipped up less than a dollar.  Before the speculative bubble burst a few weeks ago, the oil market would spike $10 or more on news like this.  Remember what happened to the price of oil when Nigeria oil

workers went on strike, or when insurgents blew up pipelines in Iraq.

All of this evidence points to rampant speculation in oil.  Congress and the president both need to get on this.  Drill here, drill now, pay less, my ***.  Stomp on the speculators now, pay less now.

Answer 4

Market, Just stop using oil and it will go down.

Answer 5

I would have to say the President in the short term. If a President says he is thinking about attacking Iran the price goes through the roof.

If the President says he is taking oil out of the strategic petroleum reserve it goes down.

Since the US has only 3% of the world supply of oil the price is dependent on negotiating treaties with foreign governments. Only the President has the power to negotiate treaties.

Answer 6

Congress!  If they were'nt all Oil lawyers.  Watch the youtube video "Get Big Oil Money Out Of This Congress" and watch the Democrats try to solve the problem without the support of the Republicans.  It will make you angry and hopefully call your congressmen and senators and demand action on this matter.  You also have your vote in November for Congress as well as the President.  It's a good idea to vote out the old, and bring in the new as a general rule, but find a video of your congressmen debating, and see how strong they are in debate.

Answer 7

OPEC controls the price of oil and Bush being a Texas oilman himself wont try very hard to get the price down.

Answer 8

Neither sir, but it doesn't stop people from hating bush because  the price of gas went up. The only way we can effect the price of oil is to drill for ourselves  

Answer 9

None of the above as far as price of oil.

Answer 10

Congress has the ability to regulate the federal tax on gasoline and the ability to manage mineral rights in wild life preserves, the president has the authority to release oil from the strategic reserve, neither affects the price of oil as much as the commodity markets though.