Gas price drop: 60 days straight

CNN ^ | November 16, 2008 | CNNMoney.com staff

[Doofer]

NEW YORK (CNNMoney.com) -- Remember $4 gas? Soon it will be $2 gas.

As the nation's economy worsens, the demand for oil and gas wanes. As a result, prices drop. And drop. And drop.

The price of gas fell overnight Sunday for the 60th consecutive day.

The national average price for a gallon of regular gasoline fell 2 cents to $2.105 a gallon, according to a survey released Sunday by the American Automobile Association.

A gallon of gas has dropped nearly in half since hitting an all-time high of $4.114 on July 17. It's been nearly two years since prices were this low, according to AAA figures.

[Doofer]

I'm surprised they didn't credit this to Obama!

[Jeff Head]

The libs do not have a clue.

Gas price 3 months ago were over $4.00 a gallon.

Then Bush and the GOP threatened and began acting like we were actually going to tap our own resources...which in oil, gas, and coal, are many times over what the mid-east reserves represent.

Since that serious talk, prices have magically dropped by over half. Here in Idaho, we are approaching $2.00 a gallon. In Texas and other places they are well below $2.00 a gallon...prices many of the liberal think nuts told us we would never see again.

The liberals do not want us to be energy independent. Their actions speak far, far louder than their words. They want us dependent and they want us restricted in our travel. Obama as much admitted it when he talked about the high prices being simply arriving too quickly...not that they in themselves were bad. he also admits it when talking about bankrupting the coal industry...the major supplier of electric power in this nation.

But Obama and his ilk, the libs, the enviros, and any RINOs supporting this are on the wrong side of the public and if they cause things to worsen again, they will pay a heavy political price...as well they should because like the financial crisis, it is their constituencies and their actions that have caused the bulk of the problem in the first place.

Many more sticker designs here.

[Severa]

It’s $1.97 up the street from my house. I’m about an hour and a half southeast of DC.

[lilycicero]

$1.77 in KS.

[Crazieman]

No, most of this is consumption based. Demand has dropped like a rock. The downward pressure of a contracting US economy exerts more force than upward pressure of imminent drilling bans by the Zero.

[Crazieman]

Oh yeah its great to live in Kansas. I can fill up my Suburban for less than $70!

A few short months ago, fillups were pushing $160

[count-your-change]

I smell a gas tax.

[Wisconsinlady]

$2.01 hour north of Milwaukee

[babygene]

“No, most of this is consumption based. Demand has dropped like a rock. “

My guess would be that consumption is not off more than 5%. 10 at the most...

[Desdemona]

$1.65 just west of the City of St. Louis city limits.

[musicman]

"A few short months ago, fillups were pushing $160"

OUCH!!!

[icwhatudo]

1.73 On Maryland’s Eastern Shore

[ASOC]

If I may

THe hedge funds (now pretty much out of business) were the main driver in the oil prices @ 90+ per bbl.

As for Sara, she hiked taxes on oil companies to rates higher than Hugo C. Keep believing as you wish, I say watch what she does NOT what she says.

You just might be surprised at the major differences you find....
Bigger Gov’t (38% in less than 2 years)
No support of any kind for anti-abortion bills (In Alaska)
and with a 2 Billion surplus, asked to bond out 350 Million in road projects. Who gets to sell the bonds and reap the profit??????

Well, now you know what to watch for as she DOES things....

Enjoy watching.

[Squantos]

Seems gas tax income dropped like a rock and that was driven by consumers just driving less ! Mark to market ?

Repairs for roads and bridges and new projects were cancelled or put off for 5 years due that drop. Damn that capitalism !!.....:o)

[EyeGuy]

$1.69 in St. Louis.

Plus, a polite and hustling guy in an immaculate jumpsuit with a bow tie, checked my radiator, oil and cleaned off my front and rear windshields.

Oh, and what do I do with this sheet of green stamps they gave me....

..ding, ding..

[babygene]

Here’s the data;

For the weeks ending Oct. 3 and Oct. 10, for example, gasoline sales were down 9.5 percent and 9.7 percent, respectively, compared with the same weeks in 2007.

But a MasterCard Advisors report released Tuesday showed that in the last two weeks, with pump prices falling, consumption of gasoline was down only 6.4 percent in each week compared with the same weeks of 2007.

[AmericanVictory]

Kkeep it going down; the entire strategy of all our foes depends on oil revenues from oil that they are now too overextended to deal with if it goes down more and stays down, whereas, for us, if we now begin to produce without the stupid restrictions will have the cheap transportation which enabled us to rise to world leadership — if we bring back the ability to form capital again to bring innovative technology to market.

[lilycicero]

Oh ya...I remember seeing you at the QT kicking the pumps when it was taking your a chunk of your cash :)

[rb22982]

That doesn’t hurt—but the main reason is the economy has fallen off a cliff in the last 3 months and demand has plummeted.

[goldstategop]

Gas prices haven't hit bottom yet. It could be $1.25 by the time the holiday season gets under way. There's a glut of supply and no one is traveling much.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus