[Zeddicus]

Perfect, just in time to justify increasing gas taxes.

/democrat

[rightinthemiddle]

Funny, nobody in the media ever mentions “conservation” as one cause for reduced demand or “Drill Here, Drill Now” as a cause for the bursting of the oil bubble.

[thackney]

Quite a sharp looking point on this graph...

[stuartcr]

Has the demand really dropped that much since it was $4/gal?

[kpp_kpp]

but but but we’re running out of oil...

[PeterPrinciple]

“What makes it hard to call a bottom

---

ROT (Rule of thumb) It will drop to a third of the high and fairly quickly retrace to 2/3 of the high.

We have reached the 1/3 of high, now let’s see about the next step.

[waverna]

So Ford & GM should be OK now, right?

[magellan]

Currently the three Crude Oil indexes are below $50/bb.

And the Nymex RBOB Gasoline Future broke below $1/gal.

http://www.bloomberg.com/markets/commodities/energyprices.html

Gasbuddy shows the lowest reported gas in the U.S. as $1.577 in Kansas City.

[RightWhale]

RBOB gasoline is 0.8825, which is 38 a bbl, less than crude.
NYMEX crude is 39.66
Prudhoe crude was 28.27 last Friday.