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 ...
Oh my goodness. Thanks I fixed it I am no longer crazy. I will never do that again........
I don’t believe that demand hasn’t dropped overseas. The whole world is in a recession and there are more reports nearly every day that China has cut back. Look at the BDI as an example as how demand has fallen off a cliff for transporting goods. Europe is in a recession, Japan, US is in a recession. Many, many others are already in one but just haven’t formally declared it. Keep in mind though that while demand had been going up 2-3% so has production and if demand goes up just .5 or is flat, you have a much larger comfort zone. Plus—We’re just getting started on this world wide recession. I see oil at $40 a barrel or less by Feb/March.
Good. Hope it drops more.
Paid $1.90/gallon in Bridgeville, DE this morning.
Either way, we move forward with drilling, and oil shales, and LP, and we solve the problem of OPECs influence and control.
I entirely disagree. By your logic, they should have shot skyward the second Zero was elected.
It will take some time, and the lessened demand will slow it...but if Obama has his way the prices will rise again because the pressure will be off.
We shall have to wait and see...but I believe the people will react very badly to such moves and his sheen will wear off very quickly.
I’d gladly pay $4 a gallon to have those losses back.
Amen to that!
Gas is going up to $2? I haven't seen it that high in weeks.
I read somewhere that oil imports to China have dropped to near zero since the Olympics have concluded.
I guess the economy must have been really bad two years ago when the gasoline prices were about what they are now.
I paid $1.83 today for regular (E10 here in MN), my Honda Civic took 9 gallons, so the tab was a little over $16.50.
“Gas is going up to $2? I haven’t seen it that high in weeks.”
Aloha Lucky all of you with these new prices you are quoting. Here in Hilo, HI we have come down from a high of $4.65 to today’s $3.05.......Happy days are here again?
Next thing you know the oil companies will be asking Congess for a bailout of umpteen Bill....why not?
Don’t worry, the dems energy policies and tax-happiness will get that gallon of gas well up over $4 a gallon very soon. Stock up now. And get some sta-bil.
During the four dollar days, we in Tucson had the lowest prices. Now they’re the highest around.
Yesterday I paid $1.58 in Colorado Springs
“I smell a gas tax.”
Gov. Patterson of NY has you beat.
As if the NY tax wasn’t high enough already.
Well — I think that the reason gas prices have fallen — and so quickly, IS because of Obama. And his Saudi friends.
Gas prices were on the rise and then “Drill baby drill.” Folks were beginning to see that we needed to open more exploration here in America; that right there favored McCain.
Then, the prices began to fall and it took the focus off of drilling. The Saudis could take a temporary hit compared to the alternative of Americans drilling here off shore and in Alaska and our becoming dependent upon ourselves in the future.
Chavez collects tax on our oil?
Palin put a progressive tax on oil, so when the oil companies profited hundreds of billions, Alaska would share a bit of it.
I say repeal taxes we are paying to Chavez.
Here in California there is a 7.5 percent sales tax on gasoline. The state has collected billions from it during the high gas price period. It goes into the general fund
Arnold and his lib friends "mad money"
They will go up when he is president
Just be patient.
The resources in Alaska belong to the people!!! The rest of the nation turned over to ‘big’ government our resources and they as if in religious ceremonies make monuments out of them.
I always arrive late for the party.
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