Oil, Gas Prices in Retreat; Return of $3/Gallon Gasoline?

[mikmak]

Originally Posted by KingElvis

Huh?

We're just getting below $4 here in Chicago.

Couldn't believe the Marlboro pack price either - our cigarettes are $8 a pack.

12AUD/pack = 8.70


Whilst the drop in oil prices is welcome in th einterim, it is somewhat offset by the recent nosedive, we've had against the greenback.

Good news for G8 imports though

Originally Posted by The Australian

THE Australian dollar fell below US75 cents to a 30-month low today amid concerns about the risks of a sharp global downturn.

The local currency had dropped as low as US74.74 cents by late afternoon, taking its losses to 24 per cent since its 25-year peak of US98.49 cents, touched in mid-July.

"The Australian dollar fell out of the proverbial bed and then rolled down the stairs, reaching a 30-month low as it dropped more than US2.5 cents," said Oliver Stevens, head of dealing at IG Markets.

LINK

[mikmak]

Though this looks promising:

Reserve bank of Australia

Originally Posted by RBA

MEDIA RELEASE

No: 2008-20
Date: 7 October 2008
Embargo: For Immediate Release
Click for print-friendly version
STATEMENT BY GLENN STEVENS, GOVERNOR
MONETARY pOLICY

At its meeting today, the Board decided to lower the cash rate by 100 basis points to 6.0 per cent, effective 8 October 2008.

phew, now I can buy some more smokes and a Hummer

[Millefune]

When I first started driving, I was paying $1.259 for gas. I used to be able to say "fill up on pump six" when handing over a 20-dollar bill.

[Tim_M]

Gas price hikes are an economic zombie- they always come back.

If we've been granted a brief reprieve from the hardship that was driving people to desperation in July, let's use the opportunity to accelerate our efforts to avoid a recurrence.

Gas prices will go up again. We keep using it, and the supply is finite. If the economy improves, we'll see demand spike again. If, as some say, we're entering a long recession, then the money saved on gas would be wisely employed elsewhere than in a luxury truck/SUV.

I'm pleased as pie to be paying less than $70.00 to fill up, but we as consumers and the automakers as an industry need to plan for the future.

Cars are long-term financial commitments for individuals and even longer term commitments for the companies that have to engineer, test, and sell a model for years. For all we know, we're in the eye of the storm.

[johnny smallblock]

Originally Posted by motorman

$3.00 a gallon is where gas should be allowing for inflation and the raise in gasoline taxes

Great. Then I'm definitely selling my Caprice. I'm not paying $60 to fill my tank. Do that 3x a month and it costs me $180. That's over 2 grand a year. I don't need that cost.

[ponchoman49]

It had better drop even more if there is even a hope of the economy recovering. It's amazing how we are now conditioned to think that $3.00/gallon of gas is cheap.

[Saturn69]

Whoops. Down to $2.79 today.

And yes, we have been conditioned...works, don't it? We've got us right where they want us.

[dtowndog420]

Not to worry folks gas will go back up after Mamorial Day.