Still paying $2.41 and up for unleaded regular 87 octane in Upstate NY.
The supply/demand curve is working perfectly.
Supply remains the same, demand decreases, price drops.
Time for the US to dump oil from the Strategic Petroleum Reserve, to knock the price down even further. We should be doing everything we can to disrupt the OPEC cartel and make it difficult for them to control prices.
We can then replenish the Reserve at the lower price that would result from massive dumpting.
Woohoo- with this drop in oil prices, and subsequent minor impending drop in gas prices, I might still not be able to afford gas to go anywhere.
The following link does not relate to this thread http://sacredscoop.com
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HOUSTON (MarketWatch) -- After enjoying a banner third quarter, Chevron Corp. has warned that lower commodity prices and a decline in production and refining margins will hurt fourth-quarter earnings for the nation's No.2 oil company.
In an interim update issued late Tuesday, San Ramon, Calif.-based Chevon CVX69.46, -1.17, -1.7% ) said that it sold crude oil at an average price of $52.26 a barrel in the December quarter, down from $63.98 in the third quarter and $52.87 in the final three months of 2005. During the fourth quarter, the average spot price for benchmark crude fell to $60.06 from $70.56 in the third quarter.
Also, realized natural-gas prices fell to $5.42 per thousand cubic feet in the fourth quarter, a sequential decline from $5.92 and nearly half of the $10.22 that Chevron said it generated in the fourth quarter of 2005.
Folks need to remove head-from-rectum regarding oil price drops and gasoline retail. The relation is legitimate, but not directly, and hardly immediate.
Worst of all, the obsession hides the larger story in all this: the bubble's off crude oil prices, and it's got nothing to do with OPEC production allocations. Demand has been up, but nothing to substantiate the highest price rise. The speculators are running.
Missouri gasoline prices link.
http://www.missourigasprices.com/