There's been a lot of talk lately about the U.S. increased demand for oil and its effect on the price of crude oil. Some economists predicting gas prices could hit $ 6.00 per gallon by the summer. This is another example of the media blowing everything out of proportion. News like this is all we need to make home buyers shy away from purchasing homes. Believe me, the prices will come down soon. All we need to do is increase our oil drilling within our country and continue to drill in the arctic where they have found large oil deposits. In addition, since most of our oil imports come from Canada, Mexico, South America and Western Africa, we can become less dependent upon Saudi Arabia and other parts of the Middle East. We simply have to import more oil from these other countries. We are well diversified as it is as the middle east gives us less than 20% of our current oil supply. So don't panic. The gas prices will go down again.
Andy Williams
President
Abacus Regional Mortgage
No comments:
Post a Comment