Posted on 08/09/2011 3:42:34 AM PDT by tobyhill
Oil prices tumbled to the lowest level in more than eight months and retail gasoline prices slipped amid concerns about a double-dip recession and Standard & Poor's downgrade last week of the U.S. credit rating.
The U.S. benchmark grade of crude, West Texas Intermediate, plunged $5.57 to close Monday at $81.31 a barrel on the New York Mercantile Exchange. That was its lowest close since Nov. 23.
The European trading benchmark, Brent North Sea crude, dropped $5.63 to settle at $103.74 a barrel on the ICE Futures Exchange in London.
Nationally, the average retail price for regular gasoline fell 3.7 cents to $3.674 a gallon Monday, after five weeks of price increases, according to the Energy Department's weekly survey of service stations. Last year at this time, the U.S. average was 89.1 cents lower, at $2.783.
(Excerpt) Read more at latimes.com ...
So where are the posters who used to be claiming rampant “inflation” and ridiculous “$300/barrel oil” prices?
The democrat party gets credit for trying to drive this country to communism.
No person — no teacher, no college student — can afford the luxury of living in a factual bubble, where the consequences of voting communist are not made known.
Whether they will try to put fingers in their ears and sing “la, la, la” when told the truth is a different matter.
Hopefully they moved their money from oil to now gold and silver.
I’m sure the fed will roll out QE 3 today and put the funny money press in double over drive. Free money, free money, you can have all you want, only catch is you must buy stock that is declining in value, at above current value. By noon they will be paying people to take the money, borrow a 100 pay back 80 what could possibly go wrong.
Maybe I’m missing something, but here in CT gas prices are still north of $4.00 /gal for the most part. What’s up with that?
I’m not sure of your gas state tax but that maybe a contributing factor?
That is your devalued dollar at work.
Not sure the Tea Party wants credit for this as it is driven by expectations of lower demand due to a slowing down (double dip?) economy...
Well we do have a true believer in 0bamanomics in our governors mansion. His idea of helping the economy is raising every tax he sees then adding new ones never even considered before so, yeah that has a lot to do with it. The thing is the prices should be moving down and I haven’t seen it yet.
Here is Texas we have dropped about 7 cents in the last 3 days.
Oil companies, refiners, and distributors give big bucks to politicians who write the rules of the trade.
It's no coincidence that fuel prices have escalated sharply every single year around April-May since these stupid requirements were put in place around 2005 (if I remember correctly).
I believe we will get hyperinflation - after we get deflation.
I noticed that as the stock market was falling, so were commodity prices. This means part of the explanation for all of this is a relative strengthening of the dollar. That is a bad thing for an economy that depends on modest inflation for its very survival. It will make our national debt situation worse. But they will “fix” it be monetizing the debt.
There are really only two ways out of our* current situation: Economic collapse or monetizing of the debt, which leads to an even worse economic collapse from hyperinflation. Both pretty much always lead to war. And the greater the scale of the problem, the greater the scale of the war.
*By “our”, I mean the world, not just the US.
I just drove my Scion xB from Seattle to Kentucky last weekend. It was so stuffed that I was worried about blowing a rear tire on the trip. the rear suspension was pretty much bottomed out.
My average mileage in Seattle was 33 mpg until I had no choice but to use the alcohol blend gas, which kept my mileage at around 29 mpg. On this trip that is what I saw until my first tankful from Wyoming. From that point on my mileage was between 33 and a top of 35 mpg. Oh, and much of this gas had an octane rating of 85.
The jury is still out on the last tank I purchased in Kentucky.
"In this country, the CEO of Archer Daniels Midland has more power than the President."
That’s interesting, and reflects what I’ve heard from others about ethanol fuels.
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