". . . But consider what has happened since July 11 when a barrel of oil hit a record $147.27 and a gallon of gas was $4.117 on July 17. In less than five months, oil has fallen 72 percent.
Just this week, in which the National Bureau of Economic Research determined that the U.S. is in recession, oil has fallen 25 percent.
On Friday, light, sweet crude for January delivery settled at $40.81 a barrel on the New York Mercantile Exchange, down by nearly $3 per barrel. Prices fell as low at $40.50, levels last seen in December 2004.
Gasoline futures for January delivery tumbled to 90 cents.
For gas prices to get close to a $1, oil prices probably would need to fall another $10 a barrel — something that would have impossible to fathom during first part of this year as oil prices soared near $150 per barrel.
“Just seeing that ’1’ up there is just hard to imagine,” said Kevin Keating, 65, an attorney as he filled up his Volvo S60 at a station in Phoenix that advertised prices at $1.67. 'Wasn’t that long ago that we worried about the ’4’ being up there. . .' "
Isn't if funny how the oil companies justified their high prices on costs. Then when the economy is down they can just lower their prices. What happened to the cost of production. I guess they made a mistake "or something".
I paid $1.79 a couple of days ago and the price has dropped as much as a dime since. I saw a station with $1.69 today. Probably other places in the Phoenix area are down to the low $1.60s...
There was a segment on 60 Minutes tonight about Saudi oil.
Friday morning I paid $1.599/gallon. I think Kansas City is running even cheaper than that. The last time I was there it was $1.79 when it was $2.19 in Lincoln.
How low will it go?
Yep I paid $1.35 today
But I gotta know Northern Neighbor when you said "not that I'm complaining" did you say that because Very few of us here are writers by profession, trained to use their words in a precise and unambiguous manner. We write things that sometimes aren't clear, then go back and clarify. Were you having a clarity moment and really meant you were complainng?
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WordWolf
Can only go SO low.
OPEC's planning on lowering production/supply,
in order to increase the price/demand.
Until we free ourselves of most of our need for foreign oil,
this country will be at the mercy of OPEC.
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geisha779
I have heard a dollar a gallon by summer!!
http://www.msnbc.msn.com/id/12400801/
". . . But consider what has happened since July 11 when a barrel of oil hit a record $147.27 and a gallon of gas was $4.117 on July 17. In less than five months, oil has fallen 72 percent.
Just this week, in which the National Bureau of Economic Research determined that the U.S. is in recession, oil has fallen 25 percent.
On Friday, light, sweet crude for January delivery settled at $40.81 a barrel on the New York Mercantile Exchange, down by nearly $3 per barrel. Prices fell as low at $40.50, levels last seen in December 2004.
Gasoline futures for January delivery tumbled to 90 cents.
For gas prices to get close to a $1, oil prices probably would need to fall another $10 a barrel — something that would have impossible to fathom during first part of this year as oil prices soared near $150 per barrel.
“Just seeing that ’1’ up there is just hard to imagine,” said Kevin Keating, 65, an attorney as he filled up his Volvo S60 at a station in Phoenix that advertised prices at $1.67. 'Wasn’t that long ago that we worried about the ’4’ being up there. . .' "
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GeorgeStGeorge
There's quite a spread of prices for regular here. Some places still charge over $1.60, but I saw the first one today below $1.40. Merry Christmas!
George
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polar bear
Isn't if funny how the oil companies justified their high prices on costs. Then when the economy is down they can just lower their prices. What happened to the cost of production. I guess they made a mistake "or something".
Jerks. They should all be hung.
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waysider
CHEAP GAS
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ebn1957
We live in Western New York, specifically the 2nd poorest city in the US (Buffalo) and the gas here is the
HIGHEST in the continental US.
We are at our lowest prices in months - 2.12-2.19 for regular.
After years of lame excuses, our US rep announced Friday that the retailers are getting the almost twice the profit they get outside our zone.
What a rip.
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Rocky
I paid $1.79 a couple of days ago and the price has dropped as much as a dime since. I saw a station with $1.69 today. Probably other places in the Phoenix area are down to the low $1.60s...
There was a segment on 60 Minutes tonight about Saudi oil.
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WhiteDove
Yep I paid $1.35 today
But I gotta know Northern Neighbor when you said "not that I'm complaining" did you say that because Very few of us here are writers by profession, trained to use their words in a precise and unambiguous manner. We write things that sometimes aren't clear, then go back and clarify. Were you having a clarity moment and really meant you were complainng?
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Oakspear
Why don't you keep the arguments on the threads where they started?
Wow! $1.35!
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mstar1
The supermarket in my town started a promotion with a few local gas stations back when the prices were over $4.00
X dollars in groceries gets you ten cents off per gallon, it continues to accumulate every time you but groceries-- I now have $1.10 off per gallon
My last fillup was .79 cents/gal.
Nice to get a fillup on my work van at about $25.00 instead of $125.00
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bowtwi
I'm 30 miles north of Kansas City, MO - $1.38 a gallon for regular unleaded here for the past 2 weeks.
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