"Oil" making overnight millionaires.

[moneysense]

They are getting richer, while we are having such a hard time buying gas.

If we are getting new wells, whats the problem here? That should up the supply. And that should cause the prices to go down, or at least thats the way it seems to be.

BEULAH, N.D. - Oscar Stohler was raised in a sod house in western North Dakota and ranched there for nearly seven decades. He never gave much thought to what lay below the grass that fattened his cattle.
When oilmen wanted to drill there last year, Stohler, 83, doubted oil would be found two miles underground on his property. He even joked about it.

By AP

Something is wrong with this picture. If supply goes up, as I said, prices should start coming down.

OIL

[dollardaze]

First of all, I congratulate these people who struggled most of their lives to make ends meet, just as we are doing now. It would be nice to be able to breathe easier, knowing that my utilities could all be paid on time, and to put a good meal on the table each night, and buy gasoline before my car is running on fumes.

I agree with you though, the price of gasoline shouldn't be so high, if we have these new resources to dip into. If these new wells are going into production so quickly, why aren't we seeing any relief at the pumps?

[moneysense]

I believe that the reason the oil prices are so high is because oil companies are an entity unto themselves. There isnt anyone that regulates them are there?

And if there are agencies that regulate them, why doesnt someone put a ceiling on gas prices? I have heard that with the next year or so that gasoline will be up to $7.00 a gallon making fuel oil and deisel right around the $8.00 per gallon mark.

If fuel oil goes up to $8.00 a gallon it will cost about $2100 to fill a 265 gallon tank for heating purposes. How are people going to be able to afford that and still be able to pay bills and eat?

Someone has to step up soon and fix the economy or there will be some terrible times ahead for all.