Gasoline prices may change depending on election outcome. Gains by the Democrat party could result in the revival of the offshore drilling ban that expired at the end of September.
Fort Worth, TX (WiredPRNews.com) — The recently repealed offshore oil drilling bans that had been in place for 26 years could be re-instated if the Democrat party takes control of the White House and gains seats in the House and Senate.
Speaker of the House Nancy Pelosi, (D-CA) stated in July of 2008 that she would not allow the House ban on offshore drilling to expire, according to a July 17, 2008 International Herald Tribune article by Carl Hulse that appeared on the publication’s website, but she later reversed her stand in the face of intense public pressure.
One of the effects of allowing the ban to expire is the drop in gas prices. The national average for a gallon of regular gasoline has dropped below $3, which is 25% less than the $4 a gallon price that many American drivers were paying in July and August. The drop in demand caused by the record high prices caused many motorists to sell their large, gas-guzzling vehicles for smaller, more fuel-efficient ones.
In fact, the US demand for gasoline has dropped so much that it is helping to reduce crude oil prices to near record-low levels. According to an October 22, 2008 article by Myra P. Saefong and Moming Zhou, that appeared at CBS Market Watch.com, the price for crude futures closed Wednesday at $66.75 a barrel on the New York Mercantile Exchange. The United States accounts for 25% of the world’s oil demand, according to the CBS Market Watch article, because the concentrations of fuel-consuming businesses like airlines and trucking.
This oil price is at a 16-month low, according to the article, which is good news for consumers who need to buy heating oil to keep their homes warm this winter.