Thread: Gasoline price marks biggest drop ever: survey

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  1. #1 Gasoline price marks biggest drop ever: survey 
    Kristin
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    Default 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/domes...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.
    Last edited by bijou; 10-13-2008 at 07:02 PM. Reason: To put into B/N format
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    Lager
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    Default 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.
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    LogansPapa
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    Default 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.
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    Lager
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    Default 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?
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    JB
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    Default 10-13-2008, 06:26 PM
    Gas prices are down and the Dow was +936 today. Wow.

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    LogansPapa
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    Default 10-13-2008, 06:26 PM
    Quote Originally Posted by Lager View Post
    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?
    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?
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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    Speedy
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    Default 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.
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    GenYConservative
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    Default 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.
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    Eyelids
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    Default 10-14-2008, 01:47 AM
    The demand for gas has plummetted.
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    marinejcksn
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    Default 10-14-2008, 02:05 AM
    Quote Originally Posted by GenYConservative View Post
    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?
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