Posted on 11/16/2008 6:25:45 PM PST by 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.
(Excerpt) Read more at money.cnn.com ...
No it hasn't The IEA predicts growth of .1% for 2008 and .4% for 2009. A slowing in the increase of demand but certainly not dropping "like a rock".
Forget the windfall profits tax, it’s time to play BAILOUT!
5-10% at the margin on a commodity is a lot. The downward pressure also forced those on margin (hedge funds, groups hedging, etc) to sell even if they didn’t want to.
Paid $1.91 a gallon in North Brunswick, New Jersey on Friday.
$1.97 two hours north of Milwaukee (Fox Valley)
I filled up for 1.70 here in Missouri yesterday! I love it!
I love the free market. When the economy booms futures traders bet that demand will remain strong and the price goes up, thus putting the brakes on the economy. When the economy hits a speed bump, then futures traders bet that demand will be weak and the price goes down, thus stepping on the economy’s accelerator, as it were. In short, the mechanism, if left to work, prevents the economy from both overheating and grinding to a halt.
It works. It can be unpleasant in those sometimes sharp movements, but no government planning agency could do better. We need to let the market work. Have a little faith and let it work.
The fact that even the GOP has abandoned its faith in the free market means that we conservatives don’t currently have a home.
But
Trade em in for steak knives.
Everyone is entitled to a WAG now and then.
But the actual demand dropped 2.3% the last four weeks.http://paguntaka.org/2008/11/06/crude-oil-prices-slide-on-worries-about-weaker-demand/
I Just paid $ 1.679 at a UDF* in West Chester, Ohio
*United Dairy Farmers
do you have some numbers on that? How much below 20 m barrels/day are we? I do know oil peaked 7/11 and Bush rescinded the drilling ban 7/14, and it never recovered, though it bounced around for awhile.
A friend in the midwest had gas at 1.63 this morning.
Is it just me or have I read this same article 5 times scrolling down one page on FR. Things are still scrambled and repeating. It is driving me crazy.
1.89 here (Detroit,Mi)
Well, there goes the windfall profits tax.
Wouldn’t it be great if we drilled here and drilled now? Liquify coal, burn cleaner coal, build refineries in the midwest where the auto industry is being hit and create millions of jobs in the process.
The economy would take off.
/then I awoke from my dream.
I think you have some key word stuck in search.
$1.69 here in Central Ohio.
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