Posted by DaninKansas on August 07, 2014 at 08:06:53 from (24.248.193.103):
In Reply to: Price of gasoline posted by John in La on August 06, 2014 at 18:55:57:
The US used to be the number oil exporting nation in the world - that's part of what caused the Pacific War.
Where did you hear the US had a "GLUT" of oil? It was only recently that US imports dropped. The country is still importing 7,500,000 barrels a week while only exporting 295,000. With numbers like that the "GLUT" would dissappear in a week or two by simply lowering imports.
What you should be wondering is how the world market price for oil is still above $90 a barrel now that the number one importer has cut its imports in half.
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