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

[Sgt Beavis]

Wholesale Gas futures closed at $2.08 today for November's contract. Oil closed at $88.98.

[1.21 giggawatts]

now, more than ever, the buying public needs to continue to look at more fuel efficient and alternate source of power vehicles (reguardless of price). if not we'll continue to be at the mercy of those that control the oil and the fuel. we'd re-enforce that we have short term memories and allow ourselves to be in this pinch again and again.

[mikest00]

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.

Paid $3.03 a gallon Sunday here in Houston.

[cyclone]

its 3.25 at my local gas station.

[b4z]

Dollar is getting stronger relative to the pound and euro. That's got to help.

[zete]

Originally Posted by give_it_all_

In my town by Toronto, we are at $1.09/litre, or $3.73/ US Gallon. Much better than the $1.3x that it was at

About $1.01 in Ottawa. I've seen it at $0.99 recently, too. And with today's drop it'll fall further.

For a long while I've believed oil would fall to $75, perhaps with a full drop to $50 and then a steadying at $75. But if the global economy truly tanks it'll fall and fall hard. I think that belief is what's fueling the selling of oil stocks in Toronto the last few days. I believe the consensus is that oil is heading down to $50, though I doubt anyone is voicing that fact for concerns of a larger panic.

[TheGeneral]

Lets go buy some SUV's & Pickem up trucks!!!!!!!!!!!!!!!

Honestly smart people aren't going to go out and buy gas guzzlers because oil went down because demand shrunk.

[04bonnie]

Yep, and people went into a PANIC when the hurricanes were hitting, and there were HUGE lines at the pump, cause they all thought the price would go to 5 and 6 dollars a gallon. NO! People also are dumping their big SUV's and buying more fuel effecient cars, and for what? All that extra they are paying a month for the cost of a new vehicle, and now gas will go back down. Pure and simple, people's knee jerk reactions to things are funny to watch. Just like when the year 2000 was coming, everyone thought it was the end of the world, buying bottled water...etc.

[Extreme4x4]

Hehehe............... I already bought my new gas guzzler in July. You know, back when you could actually get an auto loan. Of course, I probably could have gotten the loan anyway............... as we put 20% down in cash.

It will be nice to pay less to fill up. Here in Payson, we had much lower than average prices when they were at their peak (they tried over $4.00 a gallon, and noone would buy)............ so we are paying higher than most now, to make up the loss. We are still over $3.50 a gallon here. I can drive up to ShowLow (91 miles away), and pay $3.25 a gallon. Pretty stupid, since our gas comes from the same places.

Oh well, I just sit back and watch all of this stupidity with interest. Knowing the American public, if gas does go down to the $2.50-3.00 range, they will start buying trucks and SUV's again.............. that is, if they can get the loan.

I never underestimate the American peoples general stupidity and VERY short memory.

[wtgkb8]

$2.79 in west Oklahoma City...$2.98 here in San Angelo, TX. Parents in SW MO are seeing $2.83.

[chevypowa670]

Originally Posted by Saturn69

$2.89 here in Council Bluffs area.

holy **** $2.89 thats nice, here in dekalb illinois we are paying $3.53. Alot nicer then what it was this summer but i wish it would drop more.

[eaton53]

Hehehe............... I already bought my new gas guzzler in July. You know, back when you could actually get an auto loan. Of course, I probably could have gotten the loan anyway............... as we put 20% down in cash.

That's the way it should be... your credit should be clean and you should have some scratch in the game (20% cash or trade is a good number), otherwise too bad. Under those conditions people are a lot less likely to walk away without paying.

Oh... I paid $3.18 day before yesterday.

[zete]

Originally Posted by TheGeneral

Lets go buy some SUV's & Pickem up trucks!!!!!!!!!!!!!!!

Honestly smart people aren't going to go out and buy gas guzzlers because oil went down because demand shrunk.

As I always say: "50 percent of people have below average intelligence." Thus, I put nothing past folks. And the few intelligent people historically purchased vehicles that suited their needs, so they weren't bulking up on gas guzzlers in the first place.

BTW, if you argue with my little quote I know which half you fall into...

[TheGeneral]

Originally Posted by zete

As I always say: "50 percent of people have below average intelligence." Thus, I put nothing past folks. And the few intelligent people historically purchased vehicles that suited their needs, so they weren't bulking up on gas guzzlers in the first place.

BTW, if you argue with my little quote I know which half you fall into...

It was a sarcastic comment because I know people will go out and buy cars they can't afford to purchase and fuel. Hey it's all good for the car companies!

[randiferous]

$2.93 back home in Brownsville

$3.49 in El Paso...and there are refineries here!!! WTF?!?!