Editor, Manteca Bulletin,
Several letters have been posted regarding the increased oil prices. Two of the letters blame President Obama, while the third, and more correctly puts the blame on global financial markets and speculators (the primary cause). Although oil companies can be held accountable, they are only selling gas and oil at prices the market demands. Reports reveal that there is a large surplus of oil reserves and the demand for gas is down. Oil imports currently account for less that 50% of the current US consumption.
In regard to the blocking of oil drilling: the method to extract the oil remaining in the US would need to be done by fracturing. This hydraulic method inserts high pressure steam and water into veins to release the oil, and also release other chemicals such at methane, that are one of the environmental concerns, which include ground water and air contamination. Several countries have abolished this type of drilling.
Gas prices will go up and down as they have done in the past. As the speculators who buy barrels of oil release them, as the price of a barrel starts to diminish, prices at the pump will go down again.
Feb. 28, 2012