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Which causes speculators to speculate down and causing gas prices to go down.
All other things being equal yes, but all other things which affect speculation are not equal. The biggest thing which will not be equal in the future, which causes speculators to hedge their bets when it comes to new oil discovery is near future consumption, which no one speculates will go down. The price drop in the futures market which may be caused by the discovery of new oil, is off set by that and many other things.