Oil Prices Drop 72% in less than five months.... $1.00 a Gallon Possible?

RollWithIt

(1000+ posts) Send PM | Profile | Ignore

Fri Dec-05-08 08:48 PM
Original message

Oil Prices Drop 72% in less than five months.... $1.00 a Gallon Possible?

http://www.msnbc.msn.com/id/12400801/

The worst jobs data in 34 years on Friday just added more fuel to the deepening global recession as U.S. employers slashed a far worse-than-expected 533,000 jobs in November and the unemployment rate rose to a 15-year high of 6.7 percent.

A gallon of gasoline can be had for 50 cents less than it cost just last month, and people are starting to talk about $1 gas.

Granted, gas prices are a long way off from that magic number last seen in March 1999 when prices were at 97 cents a gallon, according to motor club AAA. Prices at the pump fell 1.6 cents overnight to $1.773 nationally, according to AAA, the Oil Price Information Service and Wright Express.

But consider what has happened since July 11 when a barrel of oil hit a record $147.27 and a gallon of gas was $4.117 on July 17. In less than five months, oil has fallen 72 percent.

Just this week, in which the National Bureau of Economic Research determined that the U.S. is in recession, oil has fallen 25 percent.

The deflation of value is astounding. Unprecedented. It even melts over to the cities and counties who depend on large revenue streams from gasoline taxes.

Printer Friendly | Permalink | | Top

NOW tense

(1000+ posts) Send PM | Profile | Ignore

Fri Dec-05-08 09:03 PM
Response to Original message

1. I blame the oil companys............

1.00 gas we would never even start thinking about green energy till it was too late.

Printer Friendly | Permalink | | Top

Historic NY

(1000+ posts) Send PM | Profile | Ignore

Fri Dec-05-08 09:43 PM
Response to Original message

2. Like they weren't sucking the lifeblood out of us.(US)........

Saudi Arabia must be made to suffer for their policies toward the US. Let them pay for the food they can't produce.

Printer Friendly | Permalink | | Top

MazeRat7

(1000+ posts) Send PM | Profile | Ignore

Fri Dec-05-08 09:45 PM
Response to Original message

3. Nations will curtail production to balance the demand curve - no net gain for comsumers n/t

Printer Friendly | Permalink | | Top

KillCapitalism

(1000+ posts) Send PM | Profile | Ignore

Fri Dec-05-08 09:49 PM
Response to Original message

4. $1.00? Possibly.

If it gets that low, it will sure be cheap, but that might mean almost no one will have a job to drive to.

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Thu May 02nd 2024, 10:10 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.