So, About Those Oil Prices


They are falling:

The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.

The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on October 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey.

It was the lowest national average price since March 21, 2008. Since peaking at $4.1124 on July 11, the average cost of a gallon of gas has receded by 80.45 cents. Diesel fuel fell 21 cents to $3.95 a gallon, the first time since March that it has been below $4.00 a gallon.

“Plummeting oil prices and caving gasoline demand have combined to bring the biggest retail gasoline price cut in the history of the market,” Trilby Lundberg, who compiles the survey, said in an interview. “We’ve been doing this 58 years. This is truly the biggest price drop.”

Now, I know that the price drop has to do with supply and demand fluctuations–as the first paragraph of the article points out.

But while oil prices were rising, certain people–you all know who you are!–were telling us that the reason oil prices went up was that George W. Bush, Dick Cheney and the oil companies conspired to price gouge.

Logic would dictate that this same group of people–let’s call them “the reality-based community” just for the sake of convenience–would now write that George W. Bush, Dick Cheney and the oil companies conspired to de-gouge and thus give Bush, Cheney and the oil companies as much credit for reducing the price of oil as they gave them blame for increasing it.

But since when has the “reality-based community” followed the dictates of logic?


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8 Comments Leave a comment

$2.97/gallon

Raven (Diary) Monday, October 13th at 7:54AM EST (link)

in Blair County, PA

“If you do not have a sword, sell your cloak and buy one.”
Luke 22:36

 

$2.59/gal in Joplin, MO

itrytobenice (Diary) Monday, October 13th at 8:29AM EST (link)

Unfortunately, out two trucks are diesel, and it’s still hanging out around $3.60. Curse the EPA.

Proper grammar saves lives.

Let’s eat Grandma.
Let’s eat, Grandma.


Activists Taking Action: Unified Patriots

 

$4.25/gal in Juneau

Achance (Diary) Monday, October 13th at 8:47AM EST (link)

at Fred Meyer, one of the cheaper places, yesterday.

All of our gas is barged up from WA and a lot is stored in tank farms. Of course all of it goes up immediately when there is an increase, but when the price goes down, the story is that we’re still using stored more expensive gas. It’ll be months before it goes down!

To the main point of the diary, the story will of course be that Bush/Cheney are manipulating the price to try to help Republicans steal another election.

In Vino Veritas

 

It was $4.30 just 2 weeks ago ...

skorrent Monday, October 13th at 9:05AM EST (link)

In WNC, (courtesy of the Texas storms) and you could sit in line for an hour at the 10% of open stations trying to get it. (Courtesy of the state’s “anti-price-gouging” law.)

Now it’s $3.16 and all stations are open.

I wqould gladly have paid $6 for a few gallons if it would have encouraged more and quicker flow into the area.

 

Good~~``

www51eo Monday, October 13th at 10:15AM EST (link)

Good~~“

????

 

2.99 at costco

Xraxnd_Caracarn Monday, October 13th at 10:43AM EST (link)

last friday.

 

I agree

Charles Lee (Diary) Monday, October 13th at 11:35AM EST (link)

we all are in the same boat that what I said in a shop meeting last week. as I park my car among a sea of Obama sicker I decided we need a talk so I open the books up and point out how fuel cost is killing us, it effects everything I could go on about what was said but this morning the sea of blue has changed to a pretty pink.

joe6pack

 

In Spokane, WA

Lammo (Diary) Monday, October 13th at 12:03PM EST (link)

$3.22 at Costco

$3.29 on the non-member street.

Don’t be so open minded that your brains fall out. (John Corapi, The Black Sheep Dog)