Gas down here from 2.59 to 2.39 in about a week. I wonder what Mr. Obama said to

[theophilus]

the Saudis? No supply and demand involved, imo. Height of summer drive time.....

[ProdigalJunkMail]

1. not a damn thing... n/t

[Horse with no Name]

2. Actually I think that the natives were getting restless and noticing

that gas had gone up every day for 45 days...and with the heat and unrest in Iran, I think the puppetmasters decided to back off of the heat on the boiling frog.
Don't worry--when things calm down, they'll turn the heat up again.

[xchrom]

3. mr obama? -- nothing. -- the public? a lot. nt

[cherokeeprogressive]

4. It's only the "height of summer drive time" in good economic times. n/t

[MADem]

5. I just paid a two sixty nine a gallon.....ewww nt

[Andy823]

12. It's up this week

To $3.05! It won't come down till after the 4th if we are lucky. Salmon season opens in July and the local gas stations always stay up at least 5 to 10 cents over the near by towns to get the extra money from the fishermen! I hope the speculators that are jacking up the prices again lose their shorts! Congress needs to get off their butts and do something to stop the speculation, but they are doing a thing. I wrote my congress woman, Patty Murray, who had a bill last year on the floor to stop this. Her remarks were she agrees, and "IF" the bill gets brought back up, didn't do so well last year, she will back it! I want congress to put a stop to this madness, not sit on their butts waiting for someone else to start the ball rolling!

[DarthDem]

6. Yup, on the Wane Here Too

Gas prices are both hilarious (in an ironic, look-at-the-human-condition sort of way) and infuriating at the same time. They're just whatever OPEC wants them to be. Apparently they got a little too high and must now decline. Meanwhile, let's get those green jobs and reduction of dependence on foreign oil idea started.

[jgraz]

7. If any industry needs direct price controls, it's the oil industry

We need to start treating these companies like the public utilities that they are.

Alternatively, we could just nationalize them and send their bloated executives packing.

[vincna]

8. Great idea!

Gas would be a buck a gallon, but it would never be available.

[taterguy]

9. The same way that electricity is rarely available

Oh wait

[vincna]

11. Electricity prices are not regulated in most of the country.

Electricity is generated by numerous independent generating companies and the price is set in a competitive market. There are a few places in the country where regulated utilities still generate, but they are the exception. If we still had the old vertically integrated utility structure, electricity prices would be a lot higher.

Were you around prior to 1978 when natural gas prices were regulated? I was and there were shortages. When the price caps were lifted in 1978, gas suddenly became abundant. We'd have the same thing with petroleum if prices were regulated. - low prices, but no supply.

[jgraz]

15. European countries have price controls on many things, including electricity

Last time I was in Paris, we weren't exactly reading by candlelight.

But, maybe there's something special about the US. What, exactly, is the causal relationship between price controls and supply shortages?

[vincna]

18. Beats me

I guess that when you try to control the price at an artificially low level, producers don't want to make the investments necessary to insure an adequate supply. Again. I'll go back to natural gas in the 70's. Once the price caps came off, the shortages ended. How would you keep the price of petroleum products down AND insure an adequate supply at the same time?

BTW, How much did electricity cost in France? I'm not familiar with the French model, but I believe EDF just passes through their costs to the rate payers. If the price is high, that's no great deal.

[jgraz]

19. You're making the standard free-market argument

And it never makes sense. There may be some relationship between price controls and short supply, or it may be that supply just happened to be short at the same time there were price controls. Or, it may be that supply was being directly manipulated in order to spur deregulation.

In the case of oil companies, they're making record profits while gas prices are at a record high. They're making so much money that they literally don't know what to do with it. Last year, ExxonMobile said in a shareholder meeting that handling their record stores of cash was becoming a problem. They could absorb a helluva lot more regulation before they even noticed it.

[vincna]

21. Point taken about Exxon Mobil, but..

you never answered my question - what would you do about it? We import 60% of our oil and that price is set in international markets. We don't have much leverage there, especially with the dollar going down the crapper. Lots of luck trying to increase domestically produced petroleum. About the only thing we might be able to influence is the "Crack Spread"

[jgraz]

22. Once again, ExxonMobile is making $45 billion a year

in profits. You don't think a truly populist government could find a way to return some of that wealth to the people? You can either tax them on the back end or force them to lower prices on the front end. Or both.

You think they'd pull out of the US if they only made $25 billion / year? Especially if the US govt threatened to nationalize their assets if they even thought about it?

If our government was truly of, by and for the people, you can bet your ass we'd be seeing something like this right now.

[vincna]

23. I guess we'll have to disagree.

I don't believe you can impose the confiscatory actions you suggest on an industry and not have any supply disruptions. Personally, I'd rather pay a higher price and be able to fill up when I want than have to wait in gas lines for cheaper gas.

Calling it a night - have a good one.

[chicago legal pro]

10. Oil demand by China controls much of the price

What are you going to do with them?

[Richard D]

13. Regular is around 3.00 in L.A. area. n/t

[960]

14. Really? It's 3.09 here.... wish it was heading down.

[Historic NY]

16. $2.69-2.79 60 miles north of NY city....some even higher

[HCE SuiGeneris]

17. $2.99 at most stations in Torrance. CA

Must be the proximity to all the refineries around here... ;(

[rcrush]

20. Its 2.50ish around here

Its only been getting higher lately.