Gasoline prices drop as crude oil hits eight-week low

[phantom power]

Retail gasoline prices dropped an average of 8.4 cents a gallon nationwide in the last week to $2.528 a gallon for regular grade, the Energy Department said Monday.

The price drop was the third weekly decline in a row, in part because of crude oil, which hit an eight-week low Monday.

...

"The prices got to the level where they were just being bid up by investors, but had to fall because driving demand was down and there are really no production problems in our refineries," she said. "We're in the same spot this year and we're seeing that these prices can't sustain themselves. But while prices are dropping, they never drop as fast as they rise."

http://www.latimes.com/business/la-fi-gas14-2009jul14,0,181424.story

[Arctic Dave]

1. Buulll Caca. They are still going up in AK.

[pscot]

2. She sounds kind of wistful

about the lack of problems in "our" refineries. Not to worry. I'm sure something will go wrong soon.

[Terry in Austin]

3. Wow. Gas-price watching to the tenth of a cent.

Every little blip, obsessively diagnosed.

Might do some good to put it into the bigger picture, but it seems unlikely that the MSM will admit it even when the gas station lines start to be common.

:shrug:

[hunter]

4. Once you get past the chain lifts, it's a wild roller coaster ride down.

In the dark. With no seat belts. And the integrity of the track is questionable.

Hold on tight!

[Terry in Austin]

5. Got that right! nt