Quote:
Originally Posted by vash
nothing says we cant ship it to china right? if we do, how does it help us at the pumps? break it down for me please..
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Oil is fungible.
The likelihood of increased supply in the future will decrease futures prices (see oil futures prices since Bush announced the change in offshore drilling). The likelihood of increased future supply and lower futures prices decreases the spot price (see oil spot prices since Bush announced the change in offshore drilling).