Gas at $4/gallon?

[AuLukey]

Maybe the whole $3+ as a normal trend was a way to encourage people to buy hybrid cars through a partnership deal with oil companies, automobile companies, and the government... nevermind.

[monsoon]

It was a way to put money in oil executives, oil sheiks and certain GOP politician's pockets. How else anyone explain this huge price drop when there has been no change in consumption?

[AuLukey]

Agreed, it just amazes me that they wouldn't keep the trend up. What were they losing by having higher prices? Nobody just simply stopped buying gas. Or... dun dun dun... is Bush actually keeping to one of his promises? It seems odd to me that any president could do so to the T. Please spare me the political backlash.

[BrasilnSC]

I wonder if gas prices are going to go right back up after the November election.

[GRDadof3]

It certainly does raise some eyebrows for me. We're down to $2.09/gallon near my house. How else can a close to $1.00/gallon drop in one month be explained, when there is no way consumption has changed. Instead of the government investigating the high prices like everyone was clamoring for back this Summer, they should be investigating this trend. Yeah right, like that will happen.

[Recchia]

Have the dollars/barrel prices I always hear about dropped as well?

[GaryP]

Have the dollars/barrel prices I always hear about dropped as well?

Yes, but not nearly enough to justify the drop in $/gallon.

I found a chart here. I'd like to see one that had price/barrel and price/gallon on the same chart.

[peaceloveunderstanding]

A few possible reasons why gas is cheaper: A weak hurricane season, less tension in the Middle East, slower growth in oil demand in 2006, speculators are leaving oil markets, the oil pipeline in Alaska isn't as bad a situation as BP originally thought it was, refineries are coming back online, greater supply, discovery of new oil fields, and the traditional drop after the summer driving season.

Natural gas has also fallen significantly in price.

The election is a possible reason, but I don't buy that. There's not enough difference between the Democrats and Republicans to justify gaming with several hundred billion dollars. I think people tend to overestimate the competancy of the government, and the Republican party.

[monsoon]

The only times I remember when gasoline was really high in the last 25 years was when a Bush was sitting in the White house.

[suburban george3]

Paid $2.04 in Gaffney, SC today. Only .05 more to go!!

[DwntwnGeo]

The only times I remember when gasoline was really high in the last 25 years was when a Bush was sitting in the White house.

What about 30 years ago during the 70s when there was the oil embargo and gas stations were rationing how much people could buy etc. Was a Bush in the office than?

Paid $2.04 in Gaffney, SC today. Only .05 more to go!!

Gas is at $2.19 in Grand Rapids, Michigan and it keeps going down

[Cadeho]

$2.29 last week $2.21 today...

[DigitalSky]

$1.?? anywhere

[Snowguy716]

$2.19 which is the lowest it's been since summer 2004, when oil prices were well below $60/bbl which makes things suspect.

Vast conspiracy? Probably not. Still convenient for the election? Yes. Although no matter what, Democrats hold a major edge on environmental issues, including renewable energy.

[kayman]

$2.19 which is the lowest it's been since summer 2004, when oil prices were well below $60/bbl which makes things suspect.

Vast conspiracy? Probably not. Still convenient for the election? Yes. Although no matter what, Democrats hold a major edge on environmental issues, including renewable energy.

You already know its a conspiracy, i.e. price gouging.

[runawayjim]

apparently as gas prices have been dropping, bush's approval rating has been going up. it's at about 40% now.

of course, i also learned that he has the lowest approval rating in RI... 23%.

[Jerseyman4]

$1.?? anywhere

Some areas in South Jersey are under $2 now.

[DwntwnGeo]

How much would gas have to be per gallon before mining "Oil Shale" into oil/gas will become economical?

"The largest known deposit is in the Green River Formation in the western United States; it contains an estimated 213 billion tons of in-situ shale oil (about 1.5 trillion U.S. barrels)"

website source with PDF: http://pubs.usgs.gov/sir/2005/5294/

"The Green River shale deposits in Colorado, Utah and Wyoming are estimated to contain 1.5 trillion to 1.8 trillion barrels of oil, and while not all of it can be recovered, half that amount is nearly triple the proven oil reserves of Saudi Arabia."

website source: http://www.econbrowser.com/archives/2005/0...hale_retor.html

[peaceloveunderstanding]

How much would gas have to be per gallon before mining "Oil Shale" into oil/gas will become economical?

I've heard that it's competitive with $40 a barrel crude oil. New technology has and will make it more cost effective.

Investment in technology to extract oil from the oil shales is just ramping up.

[MZT]

www.theoildrum.com has been converting me to a skeptic on "oil shale". The engineers that post there, say that the return on energy invested is pretty low, and oddly enough... when energy prices are high that just makes it even more expensive to convert the shale (bitumen) to oil. The profit margins just don't grow as rapidly as you might suspect, and it may take $100/bbl+ to really see a rush.

But, I agree we'll eventually turn to it. After all the easy oil is gone, you dig for the tough stuff.

[dimebag1980]

$1.?? anywhere

At a gas station in Bossier City today, the price for regular hit $1.99. Of course that's one of those stations I wouldn't trust for "good" gas, nor do I trust the neighborhood... but there are a lot of decent stations below $2.10 and some even below $2.05. It's still falling. Even at a Texaco here in Haughton this evening I filled up with mid-grade for $2.34... and that's dirt cheap for the station I was fueling up at.

[peaceloveunderstanding]

www.theoildrum.com has been converting me to a skeptic on "oil shale". The engineers that post there, say that the return on energy invested is pretty low, and oddly enough... when energy prices are high that just makes it even more expensive to convert the shale (bitumen) to oil. The profit margins just don't grow as rapidly as you might suspect, and it may take $100/bbl+ to really see a rush.

But, I agree we'll eventually turn to it. After all the easy oil is gone, you dig for the tough stuff.

Yea, I hear that it currently takes 1 barrel to produce 3. That may be a component of the low scale.

[Cadeho]

It's been reported here that Harrisonburg, Va has gas for $1.99! Here in Richmond I got gas today for $2.09!

[AlabamaGuy2007]

It's been reported here that Harrisonburg, Va has gas for $1.99! Here in Richmond I got gas today for $2.09!

Wow, that's cheap. Our's is at $2.13

[Cadeho]

Ok, I think I heard some place in Richmond has their lowest grade hit $1.99!