yeah! Gas prices are back to normal (knock on wood)

[Mr.7]

Saw gas for $2.07 today. Hurray!

[RVertigo]

$2.07?!?!?  I haven't seen gas that cheap in about 8 years! 



Don't get used to it....

[Old Mr. Wilson]

Read 2 days ago............... 2.05 in Iowa............... $1.85 in Missouri.
Expected to go down more over the next 4 weeks.
a buck eighty five is way too much.
I'm thinking approx $1.35 MAX looking at the value of the dollar in 1966 versus 2006.
Hell I was there. Pumping a pint (of gas) in my Lil Gen minibike for 26.9................(a gallon)
I get furious thinking about petrol............and "them"

[Mr.7]

What are you trying to say? 

[RVertigo]

Get over it OMW...  Oil is only going to get more and more expensive.  Withering Supply vs Growing Demand == WE'RE SCREWED!!!

[Mr.7]

I'll be dead before that happens 

[pandy]

$2.69 here lately....hope it lasts!

[RVertigo]

I'll be dead before that happens 

  I hope not...

If you think it'll be 80 years before then...  You're dreaming.

[annguyen1981]

I gassed up two days ago, and I was shocked to see it down to 2.48 from 2.95

WOOT!

[porsche4786]

I'll be dead before that happens 

  I hope not...

If you think it'll be 80 years before then...  You're dreaming.

It will be more than 80 years before we run out.

[blue05twin]

Demand is the same as it was few months ago, so how come gas prices are comming down?

Just food for thought.

[yamahonkawazuki]

gas prices go up as a trend. maybe not up in a straight line, but in general up

[Cal Price]

A couple of weeks back I paid 99.9 pence per litre and thought that once it went over the pound it would never return, last week 92 pence per litre which I am reliably informed is about eight bucks per (US) gallon.

[metallic5spd]

2.03 in Toledo, Ohio.  down the road from my work its 2.14.  filled up my bike in perrysburg, (just south of Toledo) for 2.09, but 89 was 2.19.

[MarkusN]

I'll be dead before that happens 

  I hope not...

If you think it'll be 80 years before then...  You're dreaming.

It will be more than 80 years before we run out.

But it will be only a few years before it will be ridiculously expensive, forcing everybody to reconsider their lifestyle choices.

[dgyver]

Lowest I know of here is $2.03, which happens to be 1 minute from work, and has been dropping $.03-.04 every day or two. It was $2.06 yesterday morning. It makes a big difference when I travel about 30 miles one way to work. So far, I have not had to pay more than $3.00/gal.

[Mandres]

Demand is the same as it was few months ago, so how come gas prices are comming down?

Just food for thought.

Because it's election time? 

-fake edit-  What I've heard is that it's a combination of three main factors: the end of hostilities between Israel / Hezbollah, the discovery of a huge, huge potential new source of crude in the Gulf seabed, and the lack of Hurricane activity this season. 

[Jake D]

I thought I was dreaming when I saw gas the other day for $2.21/gallon for 89 octane.  The 87 octane was also $2.21, so I was like, uh, I'll take 89.  I bet it is cheaper now.  This was last week.

I have a twenty gallon tank in my truck, 10 mile commute each way.

[LimaXray]

Wow and I thought it was cheap here at $2.359/gallon.  I've really enjoyed driving home from work the past couple weeks and seeing the price getting cheaper and cheaper just about everyday.  

As for why it's getting cheaper, I've heard a lot of these conspiricy theories and what not, but they really are just a bunch of BS driven by people who don't understand how the free market system works.  You see oil prices are driven the market, not by oil companies, not by some political machine, but the market.  Up until recently, the market was driven by speculation, and not so much supply/demand as it should be.  People were afraid there was going to be an oil shortage because of the middle east or another horrible hurricane or our 'horribly limited oil supply' or what ever else people are so terrorfied about.  Because of a recent major oil find in the Gulf, the lack of hurricanes crippling oil production in the Gulf, the end of the Summer driving season, and the fact Iran hasn't nuked anyone yet, the current outlook on oil is more optimistic.  So one day the market realized oil is not worth $70-80 a barrel, that they are paying way too much for oil, and they knew the oil prices were soon to drop so there is the mass exadus from the oil market as many investors decided to sell their oil stocks making oil cheaper and cheaper.

In reality, oil is still REALLY expensive and still costs way more than it's worth, it's just moving closer to where it should be.  I'm sure fuel prices will go back up sooner or later for the same reason they did before, but there is no reason why they can't stay this cheap.

[MarkusN]

In reality, oil is still REALLY expensive and still costs way more than it's worth, it's just moving closer to where it should be.  I'm sure fuel prices will go back up sooner or later for the same reason they did before, but there is no reason why they can't stay this cheap.

Yeah, right. Fact is that demand is exceeding production capacity now and will continue to do so in the near future. Which, as every economist will tell you, will force prices up steeply. Google "peak oil" for some really scary stuff.