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 ...
It will be back to $4 in a few months once Obama introduces his “carbon credits” scam.
Now let’s get the damn heating oil down to $1.50...
i’m trying to help you because it’s not good to be crazy. look at the tabs on top, you may accidently have clicked on the “comments” tab rather than “articles” with which you may be more familiar.
I paid $2.09/gal for regular unleaded today.
the surprising thing around here is the disparity station to station on the reg-mid-prem markups. I’ve seen Shell stations with as low as $.25 and as high as $.80.
LOL. Thanks for the memories.
Stopped in at Costco on Wednesday and filled the truck for $1.88/gal. On Saturday the price was down to $1.81...sure after I fill up they lower the price.
I think that Soros or someone like him manipulated the futures market to cause the high prices to create a crisis that Obamanation could use to further his nomination/campaign.
$2.60 on the street in Eureka Ca and $2.30 at Costco. Not sure what it was at the casino pumps on 299. There is no tax on the reservation in Hoopa and that amounts to over 40 cents...
BFD. My 401(k) has dropped every month since October 07’.
I’d gladly pay $4 a gallon to have those losses back.
Just filled my car all the way up for the first time since I bought it in late spring. $1.87 a gallon here in suburban Dallas. A fill-up cost a little over $20, and I used to put $35 in and not get close to full.
Invest in US Treasuries or Investment Grade corp bonds. Stocks are likely to go lower over the next 6-12 months (although you could see a bounce). If we have a severe recession/depression I wouldn’t be surprised to see stocks go down to half of what it is now. If you see stocks hit near 10k again I’d move out with a swiftness.
OTOH, I've thought for a while that the surge in oil prices was from people doubling down when they got a profit. There were a lot of people in oil that had never played commodities before. When they were buying oil futures and getting a fast 15% return over a month or so, they just kept betting. When they took their first bath on the oil dip, they all jumped back out and oil returned to a price that more resembled reality.
When supplies are very tight, a small decrease in demand will have a fairly large impact. I would say that demand has had a fairly strong impact on price, as well as the dollar exchange rate. Although I'm not ruling out market manipulation either. Bambi's got some friends in the middle east.
Haven’t paid $2 in weeks.
Exactly that. Construction is at a standstill in many areas. No construction means a whole lot less fuel consumption.
True, gasoline demand has fallen in the U.S. but not world demand for oil which most of the price of gasoline is based on. Demand for oil is basically flat. Oil went up disconnected from supply and demand and has come down disconnected from supply and demand. It's hard to sustain manipulation of an industry this large with the vagaries of our world economy.
All I know is that prior to the housing bust, just in my area, there were several hundred crews a day working on homes - often three or four vehicles per crew. Plus you had cement trucks, all other types of heavy equipment, inspectors, salespeople, buyers and everyone else involved right down to the port-o-johns. Now that it's dried up, I can count on one hand the total number of crews working in any one subdivision around me.
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