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Mon Nov 5, 2012, 12:59 AM

U.S. gasoline prices post biggest fall in nearly 4 years: survey

Source: Reuters, NewsDaily

NEW YORK, Nov. 4, 2012 (Reuters) — The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday.

Gasoline prices averaged $3.5454 per gallon on November 2, down 20.75 cents from October 19 when drivers were paying $3.7529 at the pump, Lundberg said.

The decline was the biggest two-week price drop since the survey recorded a 21.9 cents price decline December 5, 2008 due to a crash in petroleum demand during the global recession.

Read more: http://www.newsdaily.com/stories/bre8a30n0-us-energy-gasoline-retail/

27 replies, 3718 views

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Arrow 27 replies Author Time Post
Reply U.S. gasoline prices post biggest fall in nearly 4 years: survey (Original post)
littlemissmartypants Nov 2012 OP
winstars Nov 2012 #1
Fearless Nov 2012 #2
NickB79 Nov 2012 #3
Up2Late Nov 2012 #7
icarusxat Nov 2012 #15
NickB79 Nov 2012 #19
icarusxat Nov 2012 #24
AlecBGreen Nov 2012 #25
NickB79 Nov 2012 #26
NickB79 Nov 2012 #18
fingrinn Nov 2012 #4
FailureToCommunicate Nov 2012 #11
fingrinn Nov 2012 #21
Aristus Nov 2012 #27
Turbineguy Nov 2012 #5
Up2Late Nov 2012 #6
gadjitfreek Nov 2012 #8
Ford_Prefect Nov 2012 #9
alarimer Nov 2012 #10
Kelvin Mace Nov 2012 #12
pampango Nov 2012 #13
KurtNYC Nov 2012 #14
judesedit Nov 2012 #16
maxsolomon Nov 2012 #17
RebelOne Nov 2012 #20
fingrinn Nov 2012 #22
Mad-in-Mo Nov 2012 #23

Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 01:42 AM

1. Its that Obama's fault I tells ya!!!! n/t

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 02:58 AM

2. Well the companies need somewhere for it to rise to when Obama wins...

That is how it works, sadly.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 03:37 AM

3. Gas is $3.15 here in the Twin Cities, MN

I've seen it as low as $3.10/gal in the past few days.

What I want to know is, what's driving the drop in global oil prices? The last time oil prices collapsed, it was due to a drop in demand due to the Great Recession.

If global demand for oil is falling this rapidly, it might signify that economies like China are drastically cutting back demand due to slowing economy. If that's the case, we might be looking at a double-dip recession

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Response to NickB79 (Reply #3)

Mon Nov 5, 2012, 05:32 AM

7. Don't worry, it's probably caused by a major Oil/gasoline speculator cashing out

i.e., selling off big time in a profit taking move which probably caused a small domino effect.

Could be the speculation bubble is about to pop though, which would be a good thing in my opinion, Most "experts" will say I'm crazy, but I think the real cost of a gallon of Gas in the US should be closer to $2.25-2.50 per gallon.

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Response to Up2Late (Reply #7)

Mon Nov 5, 2012, 11:38 AM

15. saw this same trend when big oil gave up on McCain

just wait until the world finds out that oil is a renewable resource...

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Response to icarusxat (Reply #15)

Mon Nov 5, 2012, 01:20 PM

19. "Oil is a renewable resource"



What scientific journals did you read to come to that conclusion? The only people left still pushing the abiotic oil line are a few crackpot Russian scientists.

And when McCain was running for election, that was when global demand for oil was crashing in the face of the Great Recession. So, if this is the same trend you saw before, then it re-affirms my fear we're looking at another recession in the near future.

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Response to NickB79 (Reply #19)

Wed Nov 14, 2012, 08:16 PM

24. yet it worried you

or the folks you work for, enough to evoke a reply...

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Response to icarusxat (Reply #24)

Wed Nov 14, 2012, 10:32 PM

25. so no proof?

extraordinary claims require extraordinary evidence.

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Response to icarusxat (Reply #24)

Tue Nov 20, 2012, 08:53 PM

26. It caused derisive laughter, not worry

Hence the

And "the folks I work for"? I don't think the dairy industry is in bed with the oil industry, last I checked.

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Response to Up2Late (Reply #7)

Mon Nov 5, 2012, 01:17 PM

18. If gas prices fall that low, kiss the US oil boom goodbye

All those millions of extra barrels of fracked and tar sands oil flowing from North Dakota, and also from our neighbors up north in Alberta, Canada? They require oil to be $60-$75/barrel to make a profit. If oil drops another $10-$15/barrel, you'll see wells shutting down.

We've been told about the "speculation bubble" for the better part of a decade as an explanation to oil's high price. However, in that time the ONLY time we've seen a major drop in the price was when the global economy cratered. In the meantime, we're now burning more oil than at any time in history, while global production has been essentially flat for years.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 04:29 AM

4. BEFORE ANY TROLLS

 

Chime in and and try to say Obamas lowering the price for the election, here in New Zealand its dropping like a stone as well.
Unless of course they want to argue he waved his magic wand here as well.

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Response to fingrinn (Reply #4)

Mon Nov 5, 2012, 07:22 AM

11. Thank you!

A voice of reason from the other side of the world. Belated WELCOME to DU and good luck parenting. As a child raised by a "disabled" parent, I can only encourage you to struggle on. It's worth every difficult day.

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Response to FailureToCommunicate (Reply #11)

Mon Nov 5, 2012, 03:36 PM

21. Thank you

 

for that , it means a lot to me.

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Response to fingrinn (Reply #21)

Tue Nov 20, 2012, 09:09 PM

27. Welcome to DU, fingrinn!



Say hello to our fellow progressives down in NZ for us. Maybe someday, your country is what we will be like (God willing...)

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 05:22 AM

5. I guess that means

that Romney wants to lose the election.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 05:24 AM

6. Yeah, I noticed that tonight, the QT was down to $3.22 for Regular grade here in the Atlanta Metro

I think it was about $3.45 last week.

Btw, did you know that we (the U.S.A.) are exporting about DOUBLE the Petroleum and Petroleum Products that we were exporting in about December 2008?

When we gonna talk about that? After the election, I guess.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 05:53 AM

8. Not up here in NY...

...Post-Sandy, my local gas station was at $3.99 yesterday, but at least they had gas. Once the gas begins to flow more freely up here the price should drop. There is no reason that gas should have been $4 a gallon. The last time gas was $4 a gallon the price of crude was nearly $150 per barrel. This time it hovered around $90 per barrel. It's just profit-taking, pure and simple.

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Response to gadjitfreek (Reply #8)

Mon Nov 5, 2012, 07:06 AM

9. The word you may be looking for is Profiteering

Profiteer

prof·i·teer
noun \ˌprä-fə-ˈtir\
Definition of PROFITEER
: one who makes what is considered an unreasonable profit especially on the sale of essential goods during times of emergency
— profiteer intransitive verb

http://www.merriam-webster.com/dictionary/profiteering?show=0&t=1352116984

After all greed is greed. Excessive greed (ie: profiteering) is merely the public expression of an antisocial and highly addictive disease.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 07:18 AM

10. Wait. Don't storms usually RAISE prices?

Due to supply problems.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 07:25 AM

12. Kind of deflates all those conpiracy theories I've

Heard over last two months of oil companies jacking up prices to help Romney.

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Response to Kelvin Mace (Reply #12)

Mon Nov 5, 2012, 08:58 AM

13. No. It just means that oil companies are playing multi-dimensional chess that you and I can't

grasp. Not to worry. Smarter folks will be along to soon to explain the extra dimensions.

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Response to Kelvin Mace (Reply #12)

Mon Nov 5, 2012, 09:04 AM

14. or this means it is over

no more need to keep gasoline high

Also the forecast for winter has been revised from colder than average to above average.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 12:51 PM

16. The speculators didn't get drunk and show off this week I guess. Must be in rehab.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 01:11 PM

17. Down to $3.999/gallon in Seattle!

Its a holiday miracle.

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Response to littlemissmartypants (Original post)

Mon Nov 5, 2012, 01:42 PM

20. Not falling fast enough.

Gas here at the QT station is $3.32. It cost me over $40 to fill my tank and that is still too much.

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Response to RebelOne (Reply #20)

Mon Nov 5, 2012, 03:39 PM

22. you really should not complain

 

Here we pay up to $2.21 per liter
or in US terms $9.72 per gallon

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Response to littlemissmartypants (Original post)

Fri Nov 9, 2012, 11:30 AM

23. Down to $3.09 earlier in the week

then jumped nearly 10 cents over night. Any idea why the jump?

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