Will Saudi Arabia's oill product REALLY help our gas prices?

@sedel1027 (17846)
Cupertino, California
June 15, 2008 8:05pm CST
Today, Saudi Arabia announced that it will increase oil production by 200,000 barrels a day next month. Since oil is not true supply and demand, do you think that this will get us any relief at the pump? Even if it does,how long will it last?
1 person likes this
5 responses
jer31558
@jer31558 (3683)
• United States
16 Jun 08
Well, I am not going to hold my breath and wait for those prices to drop. If everyone has had to cut back like we have, then they must have lost money by raising the prices so much. I don't go places nearly as much as before.
sedel1027
@sedel1027 (17846)
• Cupertino, California
16 Jun 08
We use about the same amount of gas as we were when prices were lower. I still fill up about once a month, hubby fills up about once a week. Due to where we have moved, if I wasn't driving to see my family I probably wouldn't fill up as often as I do, but round trip to their house is about 64 miles. We have more cut back due to the cost of food than the cost of gas.
1 person likes this
jer31558
@jer31558 (3683)
• United States
28 Jul 08
I drive around 50 miles to work and can't cut back on that so unfortunately I have had to cut back on doing some of the things that I enjoy. Those food prices do hurt too. Why don't they raise the price of things that we don't need or have to have as much.
spalladino
@spalladino (17891)
• United States
16 Jun 08
Did the Saudis mention how much they're going to be selling those barrels for? The main problem is that the price of a barrel of oil has gone through the roof so, unless the price drops, it's not going to help the consumer. The big oil companies are not totally to blame for this situation since they're paying a higher price than they did last week for the same product.
sedel1027
@sedel1027 (17846)
• Cupertino, California
16 Jun 08
Nope they didn't say. But the good news is that the cost of oil dropped to $134 on Friday, down $5. here is the article: http://www.foxnews.com/story/0,2933,367208,00.html
lilaclady
@lilaclady (28207)
• Australia
16 Jun 08
Lets hope so although it does seem very easy for big companies to put up prices in an instant but they seem to find it very hard to brin prices down, that seems to take them ages if ever.
Stephannie
@stephcjh (38473)
• United States
16 Jun 08
I sure hope so. I hope it brings down the price of alot of other things too. People are having a very hard time making ends meet now and I feel so sorry for all of us because of it. I hope they do something about it soon before it skyrockets more out of control for everyone. I think alot of us are losing hope for something to happen. I'm not sure if it will last long though. Who knows?
arcidy
@arcidy (5005)
• United States
16 Jun 08
I doubt it will I think the oil prices will still increase. But if it is suppose to help dont excpect it to help right away most people say it will take up to 10 years to see a change in gas prices even if we start drilling in alaska or somewhere else in the us it will take about 10 years for any significant change in oil prices.
sedel1027
@sedel1027 (17846)
• Cupertino, California
16 Jun 08
That is not really true. If the price of the barrel of oil drops, we will see a decrease, but it normally take about a week to show up at the pump.