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US gas prices dip below $2, lowest in 3-plus years
Saturday, November 22, 2008
Associated Press -- US gas prices dip below $2, lowest in 3-plus years By JOHN PORRETTO – 17 hours ago HOUSTON (AP) — Only four months after peaking at an unheard of $4.11 a gallon, the national average price for gasoline tumbled below $2 Friday, its lowest point in more than three years. Yet the global economic contrast between then and now could not be more stark. On March 9, 2005, the last time gasoline cost less than $2, the Dow Jones industrial average closed at 10,805.63. After a huge rally Friday, the Dow closed at 8,046.42. There was muted joy for consumers wading through an economy that's almost certainly in recession, with thousands of jobs being lost and mortgage foreclosures continuing to rise to record levels. On the New York Mercantile Exchange, where oil futures seemed destined to breach $200 just a few months ago, pessimism was an understatement. "At this point, all we can say with any degree of confidence is that crude oil ... will not trade below zero," trader and analys

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JT
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Message Posted: 11/22/2008 7:56:20 AM  Ignore JT Report Abuse
Saturday, November 22, 2008
Associated Press -- US gas prices dip below $2, lowest in 3-plus years By JOHN PORRETTO – 17 hours ago HOUSTON (AP) — Only four months after peaking at an unheard of $4.11 a gallon, the national average price for gasoline tumbled below $2 Friday, its lowest point in more than three years. Yet the global economic contrast between then and now could not be more stark. On March 9, 2005, the last time gasoline cost less than $2, the Dow Jones industrial average closed at 10,805.63. After a huge rally Friday, the Dow closed at 8,046.42. There was muted joy for consumers wading through an economy that's almost certainly in recession, with thousands of jobs being lost and mortgage foreclosures continuing to rise to record levels. On the New York Mercantile Exchange, where oil futures seemed destined to breach $200 just a few months ago, pessimism was an understatement. "At this point, all we can say with any degree of confidence is that crude oil ... will not trade below zero," trader and analyst Stephen Schork said Friday in a tongue-in-cheek analysis of the market's swoon. Crude has been in free-fall, shedding two-thirds of its value since July, and gasoline prices have followed. Some say oil could be headed below $40 a barrel, and gasoline below $1.50.

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REPLIES (newest first)
citationbob
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San Bernardino

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Message Posted: 11/28/2008 1:14:28 AM  Ignore citationbob Report Abuse
ok
rerosales
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Corpus Christi

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Message Posted: 11/24/2008 8:17:32 AM  Ignore rerosales Report Abuse
Gas prices are actually higher if you compare the two situations side by side.
greywolves
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Las Vegas

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Message Posted: 11/24/2008 8:16:01 AM  Ignore greywolves Report Abuse
what do you mean "eventually"!! 250,000 lost jobs in october, 53,000 laid off from citicorp last week alone! enumployment highest in 16 years! no end in sight
rbdesigns
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Modesto

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Message Posted: 11/24/2008 8:10:31 AM  Ignore rbdesigns Report Abuse
I know this could eventually hurt us in the form of lost jobs, but it sure is nice to see gas prices go down right before a holiday weekend. Now if the airlines would lower their prices!
BigHops85
Rookie Author
Iowa

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Message Posted: 11/24/2008 8:04:59 AM  Ignore BigHops85 Report Abuse
This may be OLD NEWS, but it's news that NEVER GETS OLD!
eagleeye2008
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Wisconsin

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Message Posted: 11/24/2008 8:04:16 AM  Ignore eagleeye2008 Report Abuse
WE ALL ARE "LOVIN_IT" !!!!
taco40
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Washington

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Message Posted: 11/24/2008 8:03:27 AM  Ignore taco40 Report Abuse
Keep conserving, but prices going below 1.50 would not be good for the common worker in the oil industry. They will get pinched by lay offs if that's the case.

And below... What is conceiving up, bigjeffsyr? Is this some kind of innuendo for screwing oil fat cats?

And below... Does jet fuel get you to work faster?

[Edited by: taco40 at 11/24/2008 10:03:59 AM EST]
oilgas
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Pennsylvania

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Message Posted: 11/24/2008 8:02:57 AM  Ignore oilgas Report Abuse
Yea, But I just paid $2.88/gal for fuel oil.
915Chief
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San Diego

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Message Posted: 11/24/2008 8:02:44 AM  Ignore 915Chief Report Abuse
Nice post bigjeff...conceiving is what you do when the car is parked :D
Biogen
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Ventura

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Message Posted: 11/24/2008 8:01:53 AM  Ignore Biogen Report Abuse
$1.84 here
BIGJEFFSYR
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New York

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Message Posted: 11/24/2008 8:01:00 AM  Ignore BIGJEFFSYR Report Abuse
HOPEFULLY IT WILL NOT SKY ROCKET ANY TIME SOON.

KEEP THE CONCEIVING UP!!!
MajorSteve
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Oklahoma City

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Message Posted: 11/24/2008 8:00:59 AM  Ignore MajorSteve Report Abuse
down to 1.51 here today!
dannyshouse
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San Francisco

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Message Posted: 11/24/2008 8:00:41 AM  Ignore dannyshouse Report Abuse
ditto
Roysilver
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Orange County

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Message Posted: 11/24/2008 7:58:43 AM  Ignore Roysilver Report Abuse
old news
mplato
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Columbia

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Message Posted: 11/24/2008 7:54:30 AM  Ignore mplato Report Abuse
wow...same story...different tag line
Kthyme
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Fort Worth

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Message Posted: 11/24/2008 7:54:25 AM  Ignore Kthyme Report Abuse
I want to see $0.99 or better...
Matts_Pap
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Pennsylvania

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Message Posted: 11/24/2008 7:53:44 AM  Ignore Matts_Pap Report Abuse
Enjoy it while you can.
AnObserver
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New Jersey

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Message Posted: 11/24/2008 7:53:28 AM  Ignore AnObserver Report Abuse
The gas price pendulum swings to the low side
jeepster23
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Massachusetts

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Message Posted: 11/24/2008 7:53:10 AM  Ignore jeepster23 Report Abuse
keep going lower
rtw777
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Florida

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Message Posted: 11/24/2008 7:53:03 AM  Ignore rtw777 Report Abuse
This is not a bad price. If it stays around $2, everyone should be happy.
baddog58
Sophomore Author
Texas

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Message Posted: 11/24/2008 7:51:04 AM  Ignore baddog58 Report Abuse
Diesel is big oil's life raft.
SpyderDee
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Columbus

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Message Posted: 11/24/2008 7:50:24 AM  Ignore SpyderDee Report Abuse
THIS MAY BE OLD NEWS (to some of you)...HOWEVER, it is still GREAT NEWS TO ME. SMILE!

[Edited by: SpyderDee at 11/24/2008 9:51:17 AM EST]
NoNoHugo
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Tennessee

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Message Posted: 11/24/2008 7:49:49 AM  Ignore NoNoHugo Report Abuse
Bring back the horse and buggy
toyotaguy
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San Jose

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Message Posted: 11/24/2008 7:49:12 AM  Ignore toyotaguy Report Abuse
It was below $2 in some of our areas last week.
mattf373
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Atlanta

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Message Posted: 11/24/2008 7:47:58 AM  Ignore mattf373 Report Abuse
I'm happy at this level
rylank
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Mississippi

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Message Posted: 11/24/2008 7:47:08 AM  Ignore rylank Report Abuse
no news is good news?
ladyjj
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Tennessee

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Message Posted: 11/24/2008 7:46:31 AM  Ignore ladyjj Report Abuse
way old news today is the 24th!
CzechSteve
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Orange County

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Message Posted: 11/24/2008 7:45:14 AM  Ignore CzechSteve Report Abuse
good news
glazarides
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Akron

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Message Posted: 11/24/2008 7:44:23 AM  Ignore glazarides Report Abuse
I think there is still room to come down a bit, it's US$1.64/gal. by me, I think it could come down to US$1.40/gal. easily while still giving everybody involved enough profit (after the price is settled for a while).
savingas2
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Illinois

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Message Posted: 11/24/2008 7:44:14 AM  Ignore savingas2 Report Abuse
Total disbelief, but smiling
pwr2daprius
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El Paso

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Message Posted: 11/24/2008 7:44:06 AM  Ignore pwr2daprius Report Abuse
get new news
arvo87
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New Mexico

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Message Posted: 11/24/2008 7:42:13 AM  Ignore arvo87 Report Abuse
need new news
romatod
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Vermont

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Message Posted: 11/24/2008 7:41:59 AM  Ignore romatod Report Abuse
OLD NEWS
tobasco
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Los Angeles

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Message Posted: 11/24/2008 7:39:31 AM  Ignore tobasco Report Abuse
Never thought I would see it!
radicale
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Calgary

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Message Posted: 11/24/2008 7:38:35 AM  Ignore radicale Report Abuse
Really, in three years?
spadilla
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San Antonio

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Message Posted: 11/24/2008 7:38:26 AM  Ignore spadilla Report Abuse
It's time to do the happy dance!
BoerneWatch
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San Antonio

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Message Posted: 11/24/2008 7:37:46 AM  Ignore BoerneWatch Report Abuse
Don't get used to it.

Obama is talking huge taxes on cheap gas to get us to conserve more.

Translated : An easy way to justify redistribution of wealth.
Zygnatz
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British Columbia

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Message Posted: 11/24/2008 7:36:54 AM  Ignore Zygnatz Report Abuse
I remember when a barrel of oil was $2.00. I'm getting way too old.
frdhbrd
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Calgary

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Message Posted: 11/24/2008 7:36:53 AM  Ignore frdhbrd Report Abuse
How do those 'experts' making predictions keep their jobs
Oldwolf
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Raleigh

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Message Posted: 11/24/2008 7:36:33 AM  Ignore Oldwolf Report Abuse
$1.87 here...please KEEP CONSERVING!!
tblue2005
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St. Louis

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Message Posted: 11/24/2008 7:34:43 AM  Ignore tblue2005 Report Abuse
I can for sure get by on 1.50 gas. I hope it stays at this level.
plumb37
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Quebec

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Message Posted: 11/24/2008 7:31:55 AM  Ignore plumb37 Report Abuse
Need 50 cents a litre.
HesterOC
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Arkansas

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Message Posted: 11/24/2008 7:30:49 AM  Ignore HesterOC Report Abuse
I can live with 1.50 a gallon
HockeyLady
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New Jersey

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Message Posted: 11/24/2008 7:30:06 AM  Ignore HockeyLady Report Abuse
keep dropping and breaking records
Terryforegolf
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Lansing

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Message Posted: 11/24/2008 7:29:53 AM  Ignore Terryforegolf Report Abuse
Some stations in Lansing are below $1.50 now.
bdrviper
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Grand Rapids

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Message Posted: 11/24/2008 7:29:49 AM  Ignore bdrviper Report Abuse
pre 9/11 prices would be awesome
xanderNC
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North Carolina

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Message Posted: 11/24/2008 7:29:00 AM  Ignore xanderNC Report Abuse
$1.35 here we come.
lowlooking
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North Carolina

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Message Posted: 11/24/2008 7:27:57 AM  Ignore lowlooking Report Abuse
Now if we can just get diesel down.
WakeMedic
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Raleigh

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Message Posted: 11/24/2008 7:27:30 AM  Ignore WakeMedic Report Abuse
Bad Oil!
CpuNurd
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Oakland

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Message Posted: 11/24/2008 7:26:52 AM  Ignore CpuNurd Report Abuse
oil now at 51.50
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