[pumpjack]

Is it true that all oil produced in America goes on the international market and is sold to the American consumer at prices set by OPEC?

If it's true that all oil goes into one big collective international pot, it would seem that Democrats are right -- maybe more U.S. drilling wouldn't lower the price of gasoline at the pump?

[Bas]

The prices are set at the world market, not by Opec. But America gives away it's oil at huge discounts to the big oil companies.

[TreeFarmer]

$this->bbcode_second_pass_quote('Bas', 'B')ut America gives away it's oil at huge discounts to the big oil companies.

[pumpjack]

$this->bbcode_second_pass_quote('Bas', 'T')he prices are set at the world market, not by Opec. But America gives away it's oil at huge discounts to the big oil companies.

[aldente]

$this->bbcode_second_pass_quote('pumpjack', 'I')s it true that all oil produced in America goes on the international market and is sold to the American consumer at prices set by OPEC?

[Tyler_JC]

$this->bbcode_second_pass_quote('pumpjack', 'I')s it true that all oil produced in America goes on the international market and is sold to the American consumer at prices set by OPEC?

If it's true that all oil goes into one big collective international pot, it would seem that Democrats are right -- maybe more U.S. drilling wouldn't lower the price of gasoline at the pump?

[emailking]

The market does not "set" the price of oil. The sellers of the oil set the price. OPEC sets the price of the oil it produces and sells. OPEC has to set its prices accordingly if it wants to both sell its oil and avoid shortages. The "market" is just what all this amounts to.

[Peepers]

$this->bbcode_second_pass_quote('pumpjack', '.').. but, but, big oil companies and independent co-ops are the ones that are doing the drilling.

[emailking]

$this->bbcode_second_pass_quote('pstarr', 'I') am not a 'proponent' of the market but products ARE sold to bidders by sellers and this relationship could be defined as a market. If the prices set by OPEC are too high then people conserve and the price goes down.

I think the market is a fair description of this dynamic. Don't you?

[Kingcoal]

Oil is priced as high as someone is willing to pay - just like most things in a free market. I don't think that the house that sold accross the street was worth what it sold for, I wouldn't have paid that much, but someone else did. In the words of a realtor I argued with one time; "it's worth exactly how much someone is willing to pay." When demand matches or exceeds supply, the price goes up expotentially. If oil goes out of style tommorow, the price will plumet. The reason why fresh water is much cheaper is because where I live, supply far exceeds demand. Simple economics.

[Specop_007]

The only way drilling American fields will noticably lower prices is if we nationalize the industry.

[emersonbiggins]

$this->bbcode_second_pass_quote('Specop_007', 'T')he only way drilling American fields will noticably lower prices is if we nationalize the industry.

[burtonridr]

$this->bbcode_second_pass_quote('Specop_007', 'T')he only way drilling American fields will noticably lower prices is if we nationalize the industry.

[cat]

$this->bbcode_second_pass_quote('', 'B')ut America gives away it's oil at huge discounts to the big oil companies.