BREAKING NEWS: Crude futures drop more than a dollar in late afternoon sell-off to $67.50 a barrel.

money.cnn.com ^ | 9/6/2006 | staff

[kellynla]

Crude futures drop more than a dollar in late afternoon sell-off to $67.50 a barrel. More soon.

[MAD-AS-HELL]

True but those economies weren't due to the low price of oil and you know that. Japan isn't an oil producing country and was in the crapper due to bad economic policy. Europe was trying to get the EU going and sifting thru red tape like you couldnt' believe.

And if you are saying hi price of oil is producing good economies, you need to go back and take an economics class.

[w1andsodidwe]

I understand fuel tax to be based on gallon, not price per gallon.

Are you sure about that? My understanding is that the california gas tax is based on dollars not gallons.

[gcruse]

That was prolly around the time we were able as kids to go the Saturday movie matinee for nine cents. The exciting serial would have our butts stuck to the seats, and the gummy goo of spilt soda would have our feet stuck to the floor.

[DAC21]

How sweet would $1.99 a gallon gas be come Nov. The 45% of the stupid Pavlovian Dogs(AKA DEMS) that populate this country would be utterly confused and might pill the lever for a Republican in all their glee.

[JamesP81]

A friend of mine has a 1998 LS1 six speed Camaro for sale, he says it can get nearly 30 MPG.

Truth be known, in my research I've found that both the LS1 and LT1 engines will get around 29-30 mpg on the highway if you have a manual and run in sixth gear. And keep your foot out of it. In town it's only about 17-18 mpg, but when I drive in town I don't go long distances, so that's OK.

And the cars are cheap. Formula Firebirds, Trans Ams, and Z28s in good shape with less than 75k miles are running from $6k - $9k right now. That's a heck of a lot of car for not a lot of money. I always was partial to the Firebird, solely for aesthetic reasons.

[RightWhale]

A quick move to $50 would be trouble for some in the oil industry. This could get interesting.

[MaestroLC]

Oh yeah, baby!!! I was saying all summer that crude would drop like a rock before the end of the year. It is starting! And this major oil find is helping.

[misterrob]

Wage inflation report that is doing it. God forbid people actually make any money in the jobs because it becomes time for the Fed to choke the economy.

[kellynla]

now wait a sec, you said initially that you bought a 1984 Chevelle in 1963???
I think you have your years mixed up. LOL

[ElkGroveDan]

My first gallon of gas cost 25 cents.

I think my first time was 68 cents...but it was much better the second time.

[gcruse]

That's a good point. We don't want to get caught with our tar sands down.

[dynoman]

Yeah I agree the Firebird does look better.

[pnz1]

Were Chevelles made in 84?

[RightWhale]

A long time ago, when oil was $15 or so and headed up, somebody pointed out that a rapid increase in the price of oil would be bad for the economy, but a rapid decline would also be bad for the economy. Depends how far the price moves and how fast. A gradual change either up or down can be absorbed.

[ElkGroveDan]

Time to go buy that '99 Trans Am I've been wanting...

I'll squash you with my new 2005 Excursion that I bought in July.

[Technocrat]

Yeah, but that silver quarter you paid for it with is now worth close to three bucks :)

[dynoman]

I think my first time was 68 cents...but it was much better the second time.

Well what did you expect for 68 cents????

[gcruse]

It was a typo that should have been obvious unless one thinks 1984 was the first year they were made, which I did specify.

[gcruse]

It's funny how a typo can race down the thread long after the correction has put its boots on.

[JamesP81]

I'll squash you with my new 2005 Excursion that I bought in July.

LOL!! As long as it offends the environmentalists, right?

Personally, I wish all the companies would succeed in creating small, efficient cars that got 60-80 mpg. That would reduce the demand for gasoline, and thus the price. It would then be cheaper and easier for people like me to drive sporty cars with 300-400 horsepower V8 engines, or for guys like you who like a pickup truck or an SUV.