Oil Prices Plummet Due To Iranian Crude Speculation - Is OPEC Now Paying The Price For Years Of Gouging?

Before any AutoSpies members get pissy at Arab states for selling us the rivers of cheap oil we so thoroughly depend upon and crave, please note that the last time I looked, the country that sells the most oil to the U.S. is... wait for it... Canada.

Obama most of missed this outcome of the deal or he would never of signed it. He does everything in his power to keep oil prices high

It seems that the prior republican president - starting wars with arab countries - was the one who kept oil prices high - and they have dropped significantly during the Obama administration. However - no one saw coming the possibility that the USA would be again able to produce as much of their own shale oil as they did - bringing lots of supply onto the market just as demand began to go down due to more efficient vehicles. Remove the US from the market - and the Arab countries have no choice but to compete with each other to sell enough oil to bring in enough money to support their own economies. And the added supply also leaves little room for much higher prices over the next few years too.

jeffgall: Do you believe oil prices are high? Take a trip to Canada, just across the big pond from Buffalo NY. The pump prices look similar to New York's (which are amongst the nation's highest) when you convert dollars per liter to dollars per gallon... until you realize that a job that pays around US$40K in the US pays around CAD$40K in Canada, so Canadians are in relative terms about 30% pricier at the pump.

Also compare to countries like Iceland and the UK, where even if you take the strong US dollar into account and travel there to buy gas, you'll pay around double per equal quantity.

Complain as you might, the US runs on rivers of relatively *cheap* oil.

"Gouging" ?? Talk about victimization mentality. We demand and consume huge amount of gas (petroleum based product in general) so we're paying what the market will bear so stop consuming. Until the gov't strong arm the fuel economy increase mandate (and no, I'm not talking about just Obama, I'm going back to the 70s), I didn't see the American consumer or the American car mfrs clamoring to improve our car's fuel economy. What a bunch of whining pansies. Oooh, they don't have McDonald in Africa, the hotel room in Europe is so small, the food tastes funny, they speak a funny language, why can't they speak English, why do we hate us so much (heck our drone didn't know those women and children weren't terrorists) ....... What a bunch of whining pussies.

The USA, China, and Russia should have put the Middle East in check 40 years ago and divided up the oil.

Your comment reminds me of words like bully, thief and oppression.

Nguyenvuminh, unfortunately we are a nation of narcissistic, entitled, passive aggressive pansies. Complaining and whining is what we do best. Bullying in the name of justice is the American way. I've worked and traveled to over 30 countries in 4 continents. Never see so much whining anywhere else... well besides the Brits.
Just look at all the autospies headlines... half of them is 009 crying mama.