Oil Prices Hit Lowest Levels in 18 Mos.

AP via Yahoo! Finance ^ | Tuesday January 9, 9:12 am ET | AP

[Labyrinthos]

LONDON (AP) -- Oil prices fell about $2 a barrel Tuesday to their lowest levels in 18 months in a market expecting more mild weather and rising inventories in the United States...

[billhilly]

Sounds like the ice fishing is pretty slow.

[ClaireSolt]

I would sure like to see someone look into the LIHEEP program that spends billions year after year subsidizing heating oil. Maybe we should be buying better furnaces and insulation or even replacing old housing instead.

[ClaireSolt]

It doesn't matter, because algore was above going to class.

[Quilla]

I suspect your theory is very close to reality. However, after checking local prices at gasbuddy.com (from Diana's link), I noticed that one lone station in our area has dropped their price to $2.10 per gallon. I'm praying for a gas war. ;-)

[SAJ]

Great chart, m'friend!

[BenLurkin]

Halliburton wants to influence next month's election.

No wait -- that can't it.

[thackney]

My theory is that the economists at the oil companies are always trying to find the highest price that the consumer is willing to pay without significant reduction in demand.

Care to apply your theory to more than a couple of years? Try 1998-1999 for starters.

[Labyrinthos]

What happened in 1998-1999?

[thackney]

Oil below $10 a barrel, gasoline below $1 a gallon

U.S. Weekly Retail Gasoline Prices, 1993 to present
http://tonto.eia.doe.gov/dnav/pet/hist/mg_tt_usw.htm

U.S. Weekly Spot Price Crude Oil
http://tonto.eia.doe.gov/dnav/pet/hist/wtotusaw.htm

[Diana in Wisconsin]

Well, it can still be accomplished if you're wearing a wet suit, LOL! :)

[RightWhale]

Bulk gasoline is a different index. It is at $1.47, which is below the $1.55 or so it has been at for months.