U.S. gas prices dip nearly 5 cents in new survey

[alp227]

Source: CNN

U.S. gasoline prices dipped by nearly a nickel per gallon ahead of the Thanksgiving holiday as cheaper crude and slumping demand kept pressure on costs, the latest nationwide survey found.

The average price of self-serve regular at U.S. filling stations fell to $3.38 per gallon, down 4.82 cents in the past two weeks, according to the new Lundberg Survey. Gasoline prices have now dropped more than 8.6 cents per gallon over the past month, survey publisher Trilby Lundberg told CNN.

The slide comes despite an upward trend in the price of West Texas Intermediate crude, the benchmark product for the U.S. oil market. But that increase is being offset by a decline in other varieties of crude, including Britain's benchmark Brent crude, Lundberg said.

And demand for gasoline has been in a long-term skid, she said.

Read more: http://www.cnn.com/2011/11/20/travel/gas-prices/index.html

[onehandle]

1. Invading Iraq is finally paying off.

Took long enough.




Sincerely, onehandle's evil twin.

[Robb]

2. Whoop-tee-doo.

[red dog 1]

4. Notice the steady increase in gas prices from 2001-2008 when "W" was POTUS

[Robb]

5. Heck with that; check out the steady decrease until Reagan.

Seriously, Reagan pretty much ruined everything, and this shows "everything" includes gas prices. x(

[russspeakeasy]

3. I call bullshit... the price variation is just so you and I will think

those prices are related to anything..

[bhikkhu]

6. Prices are related to something

http://4.bp.blogspot.com/_FeyfD5e2XDc/SwqPfjj1LYI/AAAAAAAAAEg/ZJQteL5O-8k/s1600/Graph+-+Marginal+cost+of+Oil+production+ass+a+function+of+source+and+production+rate.png

Whiles its very hard to "prove" that supply and demand are at work - because the production rate of oil is so high relative to storage capacity, supply necessarily tracks demand, rather than price - what can be shown is that the cost of producing oil is increasing.

We are pretty completely hooked into the tar-sands and deepwater sources now, so it follows that the price of oil has to remain at a level high enough to make those economical.

[hunter]

7. It's worse than that because incomes are stagnant or falling.

Inflation doesn't reflect the situation for lower income people.

My kids make the same wages I did at their age, for the same kinds of work.

When I was my kids' age I could drive anywhere without worrying about the price of gas... and I did drive anywhere and everywhere. Berkeley, the Grand Canyon, Baja, Las Vegas, let's do it! A handy person could also repair a beat up car with basic tools. I did that too, sometimes in unusual places.

Community college was free, except for books and parking permits, maybe $100 a semester if you had some hefty science books. State universities were not much more.

I got grants my first round of college, not loans. I never had any student loans to pay back.

It's all related to the difficulty of getting oil out of the ground. So long as we have a petroleum based economy our overall standard of living is going to fall as oil becomes more difficult to extract and refine. The price of everything is going to rise while salaries and wages collapse.

Our only real hope is to reduce our dependence on oil. It doesn't seem like that's going to happen soon except by economic collapse.