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Oil Prices Drop 72% in less than five months.... $1.00 a Gallon Possible?

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RollWithIt Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:48 PM
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Oil Prices Drop 72% in less than five months.... $1.00 a Gallon Possible?
http://www.msnbc.msn.com/id/12400801 /

The worst jobs data in 34 years on Friday just added more fuel to the deepening global recession as U.S. employers slashed a far worse-than-expected 533,000 jobs in November and the unemployment rate rose to a 15-year high of 6.7 percent.

A gallon of gasoline can be had for 50 cents less than it cost just last month, and people are starting to talk about $1 gas.

Granted, gas prices are a long way off from that magic number last seen in March 1999 when prices were at 97 cents a gallon, according to motor club AAA. Prices at the pump fell 1.6 cents overnight to $1.773 nationally, according to AAA, the Oil Price Information Service and Wright Express.

But consider what has happened since July 11 when a barrel of oil hit a record $147.27 and a gallon of gas was $4.117 on July 17. In less than five months, oil has fallen 72 percent.

Just this week, in which the National Bureau of Economic Research determined that the U.S. is in recession, oil has fallen 25 percent.




The deflation of value is astounding. Unprecedented. It even melts over to the cities and counties who depend on large revenue streams from gasoline taxes.
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NOW tense Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:03 PM
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1. I blame the oil companys............
1.00 gas we would never even start thinking about green energy till it was too late.
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Historic NY Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:43 PM
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2. Like they weren't sucking the lifeblood out of us.(US)........
Saudi Arabia must be made to suffer for their policies toward the US. Let them pay for the food they can't produce.
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MazeRat7 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:45 PM
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3. Nations will curtail production to balance the demand curve - no net gain for comsumers n/t
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KillCapitalism Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:49 PM
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4. $1.00? Possibly.
If it gets that low, it will sure be cheap, but that might mean almost no one will have a job to drive to.
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