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Gas Prices Spiral Down to Near $2
Sunday, November 23, 2008
Wall Street Journal -- Crude-oil prices sank below $50 a barrel, and the average cost of a gallon of gasoline at the pump hovered just above $2, a free fall in prices that is reverberating through the economy. The sudden reversal -- the fastest and sharpest since 1980, when the government began tracking monthly gasoline prices -- is bringing relief to some and complicating business for others. Tumbling energy prices led October's 1% decline in consumer prices, deepening concerns about a long recession. A customer pumps gas at the Speedway convenience store on State Route 4 in Monroe, Ohio. Earlier this year, skyrocketing oil prices pulled gasoline to its highest inflation-adjusted level ever, surpassing prices reached during the oil crisis in the early 1980s. The jump, arriving in tandem with soaring food prices, hit consumers hard and stoked fears of inflation. The price shock began to change Americans' behavior. Cost-conscious drivers gave up solo commutes to ride buses and trains, made fewer tri

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JT
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Message Posted: 11/23/2008 7:28:55 AM  Ignore JT Report Abuse
Sunday, November 23, 2008
Wall Street Journal -- Crude-oil prices sank below $50 a barrel, and the average cost of a gallon of gasoline at the pump hovered just above $2, a free fall in prices that is reverberating through the economy. The sudden reversal -- the fastest and sharpest since 1980, when the government began tracking monthly gasoline prices -- is bringing relief to some and complicating business for others. Tumbling energy prices led October's 1% decline in consumer prices, deepening concerns about a long recession. A customer pumps gas at the Speedway convenience store on State Route 4 in Monroe, Ohio. Earlier this year, skyrocketing oil prices pulled gasoline to its highest inflation-adjusted level ever, surpassing prices reached during the oil crisis in the early 1980s. The jump, arriving in tandem with soaring food prices, hit consumers hard and stoked fears of inflation. The price shock began to change Americans' behavior. Cost-conscious drivers gave up solo commutes to ride buses and trains, made fewer trips to stores and restaurants, and started buying smaller cars.

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REPLIES (newest first)
GasMan69IN
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Indiana

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Message Posted: 11/28/2008 5:56:11 AM  Ignore GasMan69IN Report Abuse
ok
MeterShock
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London

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Message Posted: 11/25/2008 3:37:47 AM  Ignore MeterShock Report Abuse
Good news.. old but good
magnumCA
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Los Angeles

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great
Jarod13
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Virginia

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Message Posted: 11/24/2008 11:48:59 AM  Ignore Jarod13 Report Abuse
Until the economy rebounds from the economic downturn of the past 3 years, prices should continue to fall (by pennies at a time)but eventually level off, even if OPEC lowers production quotas later this week. Also, we need to continue our conservative ways while also increasing our nation's oil output and improve upon our production of bio, wind, solar, nuclear, etc fuels. Now's not the time to let up just because prices have fallen by over $1.50 - $2.00 a gallon. America needs to stay in hot pursuit of cheaper gas prices, something we lost sight of in the past!
montana920
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Chicago

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Message Posted: 11/24/2008 8:20:28 AM  Ignore montana920 Report Abuse
Lets look on the bright side..right now they are down and conservation helps....don't forget alternate energy and drilling too.....
clermont40miles
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Cincinnati

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Message Posted: 11/24/2008 8:17:15 AM  Ignore clermont40miles Report Abuse
Cut the price in half to be about right.
rerosales
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Corpus Christi

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Message Posted: 11/24/2008 8:11:00 AM  Ignore rerosales Report Abuse
Prices will continue to drop until the economy begins its recovery.
markgocubs
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Illinois

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Message Posted: 11/24/2008 8:10:26 AM  Ignore markgocubs Report Abuse
Gas is cheap now but at what cost and for how long?
greywolves
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Las Vegas

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Message Posted: 11/24/2008 8:06:40 AM  Ignore greywolves Report Abuse
decreasing employment = lower energy prices
rbdesigns
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Modesto

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Message Posted: 11/24/2008 8:03:55 AM  Ignore rbdesigns Report Abuse
I think people want a "Happy Medium" not one extreme or the other.
Jamer
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Orange County

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Message Posted: 11/24/2008 8:03:20 AM  Ignore Jamer Report Abuse
I agree with the groceries, they're still saying the price raises are due to the cost of fuel. I really don't thing we'll see prices drop because people will keep buying food items to feed their family's. There's no pressure for them to go back to the old prices.
CptnCanada
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Saskatoon

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Message Posted: 11/24/2008 8:01:48 AM  Ignore CptnCanada Report Abuse
They whine about the economy when it goes up...
They whine about the economy when it goes down...
eagleeye2008
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Wisconsin

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Message Posted: 11/24/2008 8:01:23 AM  Ignore eagleeye2008 Report Abuse
DOUBLE "AWESOME"!!!!
Roysilver
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Orange County

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Message Posted: 11/24/2008 8:00:23 AM  Ignore Roysilver Report Abuse
old news
MajorSteve
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Oklahoma City

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Message Posted: 11/24/2008 8:00:19 AM  Ignore MajorSteve Report Abuse
down to 1.51 here today!
Biogen
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Ventura

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Message Posted: 11/24/2008 7:58:53 AM  Ignore Biogen Report Abuse
Still droping quick here $1.83
taco40
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Washington

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Message Posted: 11/24/2008 7:58:49 AM  Ignore taco40 Report Abuse
Why am I not seeing this in the costs of my groceries? Items that were shipped long distances rose in price to cover gas/oil costs. Now those same prices need to be rolled back.
dannyshouse
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San Francisco

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Message Posted: 11/24/2008 7:58:28 AM  Ignore dannyshouse Report Abuse
drop down to $2 and keep dropping...
rbdesigns
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Modesto

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Message Posted: 11/24/2008 7:58:23 AM  Ignore rbdesigns Report Abuse
We have to be careful for what we wish for!
915Chief
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San Diego

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Message Posted: 11/24/2008 7:57:19 AM  Ignore 915Chief Report Abuse
BigHops85 is right on target.
tmoy88
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Boston

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Message Posted: 11/24/2008 7:57:01 AM  Ignore tmoy88 Report Abuse
I thought it'd bottom out around $1.90 but there are stations around Boston's suburbs who are closing in on the $1.75 mark.

Reconsidering getting a Hybrid now if prices remain under $2 for the next few years...

GWInKyle
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Austin

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Message Posted: 11/24/2008 7:56:49 AM  Ignore GWInKyle Report Abuse
Understanding that the price may be "too low". At the current oil price, oil companies cannot drill for the more difficult fields. Consumers may stop conserving and get back into old habits. That is when OPEC will cut production drastically to bump the prices up, and may cause shortages. I base this observation on what happened in the '70s. The difference this time is the war in Iraq, the nut jobs running Iran and Venezuela, and the instability of Nigeria, Saudi Arabia, and Russia.
oilgas
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Pennsylvania

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Message Posted: 11/24/2008 7:56:28 AM  Ignore oilgas Report Abuse
1.95 here
AnObserver
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New Jersey

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Message Posted: 11/24/2008 7:55:51 AM  Ignore AnObserver Report Abuse
They are significantly below $2 in many areas including NJ
mplato
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Columbia

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Message Posted: 11/24/2008 7:55:48 AM  Ignore mplato Report Abuse
old story....pete....repeat....repeat
aaaaaaaa
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Maryland

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Message Posted: 11/24/2008 7:55:22 AM  Ignore aaaaaaaa Report Abuse
I hope that the prive remains at $2.00 or below. Rising prices of oil affect out economy and we don't want or need more people unemployed.
Matts_Pap
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Pennsylvania

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Message Posted: 11/24/2008 7:55:22 AM  Ignore Matts_Pap Report Abuse
Enjoy it while you can.
NoNoHugo
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Tennessee

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Message Posted: 11/24/2008 7:53:01 AM  Ignore NoNoHugo Report Abuse
I'm real glad i paid an extra $10,000.00 for my Hybrid model.
jeepster23
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Massachusetts

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Message Posted: 11/24/2008 7:50:57 AM  Ignore jeepster23 Report Abuse
let's start drilling to keep it this price
Kthyme
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Fort Worth

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Message Posted: 11/24/2008 7:50:30 AM  Ignore Kthyme Report Abuse
Too LOW???? WHAT!!!!
miatabill
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St. Louis

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Message Posted: 11/24/2008 7:50:16 AM  Ignore miatabill Report Abuse
Well below $2 in Missouri. Wish I had someplace to go.
mattf373
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Atlanta

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Message Posted: 11/24/2008 7:47:08 AM  Ignore mattf373 Report Abuse
this is almost too low
jake7497
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Wisconsin

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Message Posted: 11/24/2008 7:46:34 AM  Ignore jake7497 Report Abuse
probably going to bottom out soon.
pwr2daprius
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El Paso

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Message Posted: 11/24/2008 7:45:54 AM  Ignore pwr2daprius Report Abuse
wish we were at 1.50
rylank
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Mississippi

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Message Posted: 11/24/2008 7:45:42 AM  Ignore rylank Report Abuse
keep it coming down..
Terryforegolf
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Lansing

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Message Posted: 11/24/2008 7:45:22 AM  Ignore Terryforegolf Report Abuse
We are at $1.50. Old news.
CzechSteve
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Orange County

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Message Posted: 11/24/2008 7:43:08 AM  Ignore CzechSteve Report Abuse
it will keep dropping. can you say recession?
arvo87
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New Mexico

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Message Posted: 11/24/2008 7:41:42 AM  Ignore arvo87 Report Abuse
need new news
BigHops85
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Iowa

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Message Posted: 11/24/2008 7:40:24 AM  Ignore BigHops85 Report Abuse
This goes to prove that the primary need we have is to

CONTROL SPECULATORS!!

and then conserve fuel, drill offshore, invest in new technologies and continue to develop alternative fules!!
romatod
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Vermont

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Message Posted: 11/24/2008 7:40:12 AM  Ignore romatod Report Abuse
OLD NEWS GAS BUDDY
tobasco
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Los Angeles

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Message Posted: 11/24/2008 7:39:55 AM  Ignore tobasco Report Abuse
Never thought I would see it!
ladyjj
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Tennessee

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Message Posted: 11/24/2008 7:39:43 AM  Ignore ladyjj Report Abuse
Old News!
rtw777
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Florida

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Message Posted: 11/24/2008 7:39:00 AM  Ignore rtw777 Report Abuse
Oil and gas price are headed upward this morning.
glazarides
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Akron

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Message Posted: 11/24/2008 7:38:18 AM  Ignore glazarides Report Abuse
This "Spiral Down" of prices just shows how much we were being taken advantage of when the prices were over US$4/gal. The speculators should be prosecuted for destroying our economy.

Hopefully the decrease in prices isn't too late to help the economy.

And my driving habits are the same as they were when the prices peaked, it'll be a long time (I hope never) before I am wasting gas like I was before.
southjerseyal
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New Jersey

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Message Posted: 11/24/2008 7:37:35 AM  Ignore southjerseyal Report Abuse
$1.67 Cash at US Gas in West Berlin, NJ
radicale
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Calgary

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Message Posted: 11/24/2008 7:37:29 AM  Ignore radicale Report Abuse
Slowly catching up here. Diesel just went below $1/liter.
spadilla
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San Antonio

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Message Posted: 11/24/2008 7:36:10 AM  Ignore spadilla Report Abuse
I wish you all could see me do the happy dance!
SpyderDee
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Columbus

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Message Posted: 11/24/2008 7:35:54 AM  Ignore SpyderDee Report Abuse
Here in Columbus Ohio we have a SUNOCO station with reg gas @ $1.61 and just down the road you can find another SUNOCO with reg gas @ $2.43. The price of shipping is not that much. OUR Government needs to stop this.
Oldwolf
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Raleigh

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Message Posted: 11/24/2008 7:35:38 AM  Ignore Oldwolf Report Abuse
$1.87 here...please KEEP CONSERVING!!
BoerneWatch
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San Antonio

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Message Posted: 11/24/2008 7:35:08 AM  Ignore BoerneWatch Report Abuse
For those of you who won't read the article.

This one gets to the assumption that Obama will use the lower price of gas as a crisis for the alternative fuel industry.

Translated. Raise taxes on gas to the point where alternative fuels seem cheap. Gas has to be at least $4 a gallon for alternatives to be "cheap."
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