by Ben Hoffman

Mike Poller's Backlash Blog

There are a lot of factors that affect gas prices, but right now, consumer demand is not one of them.

Contrary to some of the misinformation out there, the US now has more oil rigs working here than the rest of the world combined. Don’t take my word for it, The people who make drill bits for the oil rigs have been keeping count since 1944. That nonsense you hear about Obama preventing oil drilling? Yeah, it’s just nonsense.

Then there’s the fact that the US is now exporting more gas and diesel fuel than we import. First time that has happened since WW II. Why? Because the oil companies can explore, drill and refine here and export for a larger profit than they would get by selling the gas in Texas. Exporting also keeps supplies low here in the US, artificially propping up prices.

Another factor reducing supply is…

View original post 188 more words

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