News for hackers. Stuff that matters.

A comment on Oil Falls Below $40 for First Time Since 2009 as Glut Grows. Parent comment

Re:Oil Falls Below $40 for First Time Since 2009 as Glut Grows by pm90 on Friday August 21, 2015 @06:29PM (#10100651)
That's kinda the whole point. There is nothing for refineries to gain by reducing the price of gas because...nobody is going to sell gas at a lower price and take over the market because...the EPA does not allow one to build refineries.

Free markets y'all.

[ Parent | on HN ]
Re:Oil Falls Below $40 for First Time Since 2009 as Glut Grows by mtviewdave on Saturday August 22, 2015 @02:46PM (#10103313)
>the EPA does not allow one to build refineries

Two refineries have opened in the US this year:

http://www.eia.gov/tools/faqs/faq.cfm?id=29&t=6

[ Parent | on HN ]
Re:Oil Falls Below $40 for First Time Since 2009 as Glut Grows by guelo on Saturday August 22, 2015 @02:38AM (#10101751)
Free markets don't account for negative externalities so they have to be regulated y'all. In any case, gasoline prices do move so there must be some market forces at work, but it's a mystery at least to me. I'd love to read an explanation.
[ Parent | on HN ]
Re:Oil Falls Below $40 for First Time Since 2009 as Glut Grows by OniBait on Friday August 21, 2015 @07:16PM (#10100825)
So much this. Price is driven by supply and demand. Not the cost of materials.
[ Parent | on HN ]
Re:Oil Falls Below $40 for First Time Since 2009 as Glut Grows by brianwawok on Sunday August 23, 2015 @11:45AM (#10105772)
But price changes supply, no?

Some oil is $1 a barrel to pump. It will always be worth pumping.

Some oil is $50 a barrel to pump. It is only worth it when oil price is greater than $50 a barrel.

[ Parent | on HN ]