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View Full Version : Gasoline price marks biggest drop ever: survey



Kristin
10-13-2008, 06:12 PM
NEW YORK (Reuters) - The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.

The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on October 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey. ...

http://www.reuters.com/article/domesticNews/idUSTRE49B38D20081013?feedType=RSS&feedName=domesticNews&rpc=22&sp=true

Why isn't anyone talking about this? As prices rose, it was in the news everyday, but when prices drop over 30 cents a gallon in two weeks I don't hear anyone talking about it. Hmmm. I guess there is no room for good news.

Lager
10-13-2008, 06:14 PM
No one's talking about the fact of lower gas prices because there's no politician we can blame, or point we can prove with it.

LogansPapa
10-13-2008, 06:18 PM
No one is talking about it because it is a direct reflection of less usage/demand via the stock market decline and the focus there. People without jobs don’t need to drive to work. People don’t do the ‘lets go for a drive thing anymore’ and they’re taking way less trips to the store.

It’s not rocket science. :rolleyes:

Lager
10-13-2008, 06:21 PM
Ahhh, so there are legitimate market forces that work on the price of gas? You sure it's not manipulation by the evil oil corporations, or a plot to help McCain in the elections? :rolleyes:

JB
10-13-2008, 06:26 PM
Gas prices are down and the Dow was +936 today. Wow.

Bush might be the greatest president in history. Good job GW.

LogansPapa
10-13-2008, 06:26 PM
Ahhh, so there are legitimate market forces that work on the price of gas? You sure it's not manipulation by the evil oil corporations, or a plot to help McCain in the elections? :rolleyes:

No, he's saving that for the mortgage bail-outs, of people that should be allowed to fail. And guess who gets to pick up the tab for the extra $300B?

Speedy
10-13-2008, 06:30 PM
It is not the fact that people are using less. The effect of conserving or using less is negligible. It is that speculators see looming on the horizon that there may be so much support drilling for our own oil and pushing for nuclear power, that they are not driving the price up so much. Guys that overbid on futures are taking a bath and the guys who shorted are cleaning up.

GenYConservative
10-14-2008, 01:16 AM
So if oil has dropped by nearly half, why has gas only gone down less than one dollar per gallon? Something still seems really fishy.

Eyelids
10-14-2008, 01:47 AM
The demand for gas has plummetted.

marinejcksn
10-14-2008, 02:05 AM
So if oil has dropped by nearly half, why has gas only gone down less than one dollar per gallon? Something still seems really fishy.

Me thinks the same...why is it that oil plummets almost 60 bucks a barrel yet prices at the pump drop a measely 30-40 cents?

FlaGator
10-14-2008, 08:55 AM
No one is talking about it because it is a direct reflection of less usage/demand via the stock market decline and the focus there. People without jobs don’t need to drive to work. People don’t do the ‘lets go for a drive thing anymore’ and they’re taking way less trips to the store.

It’s not rocket science. :rolleyes:


The unemployment rate is great enough to curb gas usage by that much. It's more like people have been finding ways to conserve over the last few months and it is now finally hitting the suppliers.

Rebel Yell
10-14-2008, 09:27 AM
Me thinks the same...why is it that oil plummets almost 60 bucks a barrel yet prices at the pump drop a measely 30-40 cents?


The same reason gas didn't cost $6.80 in July.




Date Gas Price Crude Oil Price


Jan 06, 1997 1.272 22.90

Jul 28, 2008 4.010 122.59

marinejcksn
10-14-2008, 10:47 AM
The same reason gas didn't cost $6.80 in July.

Nice numbers Rebel, I stand corrected. Still, it's easy I guess to blame someone for the high cost of fuel simply because of the pain we all feel at the pump but the numbers don't lie.

Damn, gas was 1.27? I remember them days...:(

Rebel Yell
10-14-2008, 10:49 AM
Nice numbers Rebel, I stand corrected. Still, it's easy I guess to blame someone for the high cost of fuel simply because of the pain we all feel at the pump but the numbers don't lie.

Damn, gas was 1.27? I remember them days...:(

Cavuto handed O'Reilly his ass on that same argument about two weeks ago. Priceless.

http://www.youtube.com/watch?v=vasg9_51RmU

marinejcksn
10-14-2008, 10:51 AM
haha nice. :D

LogansPapa
10-14-2008, 10:52 AM
Traffic seems way down on the local freeways (excluding yesterday - a holiday for some) and the feeders therein also show a marked decrease in flow.

marinejcksn
10-14-2008, 10:55 AM
My wife says traffic is even down back in Hawaii while I'm out here, which is nice for her. The economy there is really taking a dive apparently, she's seen a huge downturn in her business as a bartender because people aren't spending as much cash.