To which promises do you hold president Trump.

[Millhouse]

(11-10-2016, 05:32 PM)Benton Wrote: I like the optimism, but prices will likely go up. To the bold, Keystone is expected to have a negligible effect on gas prices for the U.S. It's about exporting more oil, which generates more money for TransCanada. GOP lawmakers (and Clinton for that matter) have been courted hard by Canadian investors who stand to make a lot of money exporting. At the end of the day, it won't mean much to the U.S. outside of having more competition for OPEC. That level of competition is like saying we need to spend millions to help out a Canadian lemonade stand so it can play more profitably in the same market as McDonald's.

Also, OPEC likely won't for a few reasons. OPEC tends to push prices higher when Republicans are in office. Why, I don't know, someone with more knowledge might have an idea. I just always assumed it was because Republicans tend to prefer domestic oil production, so OPEC squeezes the profits. Relations with Iraq and Iran — and an interest to make more profit for all 14 members — will most likely have them jacking up prices soon.

I guess my point was whoever is in office doesnt have much say on what the prices will be, unless something drastic happens. The only reason they dropped like they did in the last 2 to 3 years, was because the world demand for oil lightened up while OPEC didnt cutback on production giving more supply. The side effect of this was the fracking industry that boomed before prices plummeted got crushed, because they couldnt compete with the Arab's prices. The big oil over here (BP, Marathon) could buy it much cheaper from OPEC and basically thousands of people in the fracking jobs lost their jobs.

I obviously will agree prices will go up, its just a matter of time. Demand for oil will surely be on the rise again at some point, and OPEC's production will have to taper off and decline at some point. It could be 3 years, 5 years who knows. But Trump or if Hillary was elected will have little bearing on it as oil is a world commodity  mainly controlled by OPEC. If it was just a national commodity, then completely different. 

I say this as not an expert, but I do work in the oil industry dealing with buying & pricing, so I do have some background here, plus I talk often with those that have been in the industry for decades about this very thing, for what it worth.