Actually it’s worse than that. Prices are down because the economy is so bad, many people can’t afford to drive or don’t have a job to drive to. The low prices on oil futures indicate that traders think the economy is going to tank even worse than it has.

I was trying to find another article I was reading saying something similar about how prices are artificially low because people are dumping oil holdings to “meet margins” or some such, but I coudlnt’ find it.

I think OPEC realized that the world economy couldn’t handle the price of oil at its peak, a bit too late to bring about a faster turn around.

Our gas prices are no where near what they should be with oil at $63 barrel. That is way over 1/2, almost 2/3 below the peak per barrel costs over the summer. I just want to know exactly how much profit is still being made, and I suspect it is a lot, given how slow the gas costs have dropped in comparision to the crude oil barrel price drops.

I agree with Fraz. Plus, how about all those “fuel surcharges” we had to pay to the airlines and others when the price of gasoline and other fuels skyrocketed, as well as similar surcharges in previous years? Those will now be repealed, right? Riiight. If being elated at gas at over $3 per gallon isn’t the epitome of the Battered Child Syndrome (or the Shock Doctrine, or both), I don’t know what is.

$2.85/gal. Valero, Melrose and Western, cash price only. I gassed up my fleet of Hummers today. Yee-haw, I’m a plumber!

If being elated at gas at over $3 per gallon isn’t the epitome of the Battered Child Syndrome (or the Shock Doctrine, or both), I don’t know what is.

Maybe, but I think I’m elated at gas being under $3/gallon.

While the current decline in prices is a relief, I think it’s still a bit premature to pop those champagne corks.

And Exxon posted the highest profit ever for a quarter by a US company, in the news the AM, 15 BILLION freaking dollars. At some point even the capitalist within says that sort of margin warrants some investment back into the communities either by direct donations or taxation.

I’m with Matt on the shock doctrine, run it up high and break our banks then we are happy to see it drop even though it is still way better than twice the cost a few years ago.