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Oil plunges to $98.00


The price of a barrel of oil has plunged $14, but don’t expect to see gas station managers running outside to lower the prices on their marques. Every effort, it seems is being made to keep the price at the pump high.

The oil companies, which are probably even deeper in bed with Obama than they were with Bush, claim they have been forced to shut down some refineries due to weather. This is why, they claim, that gas prices still rose over the past couple day even as oil was going down. How convenient!

Recent factors in oil and gas prices. The flow of Libyan oil has been halted due to the Obama/Sarkozy war against that nation. Saudi Arabia dramatically cut production to retaliate against US involvement in Egypt, and Libya. American gas companies alleged that weather has forced a shut down of some refineries.

However, other factors have contributed to less demand for oil/gas. Japan has been using dramatically less oil since the earthquake. Demand in many other nations, including the United States, is decreasing due to bad economic conditions and high prices.

Did you know? In 2010 Oil companies gave $20 million dollars to US Senate and US House candidates. In most cases, oil companies gave money to both the Republican and Democrat running against each other.

What do you think are the biggest reasons for high gas prices.

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