$1.49.

$4 here!

$1.49 in NJ, $1.97 on SI.

Sorry Oli, I can't buy that. The economy is so F'd up. How can you say that in the summer when gas was $4.00 a gallon that it was a supply problem and now $2.50 later, it's not a supply problem. Please explain. Back in the 70's there was a supply problem, but the price never fluctuated this much.

Regular is $1.50 in this part of Arizona. Last week it was $2.49 in Honolulu and $2.99 in Maui.

$1.65 in my area this week. I won't hold my breath though.


TIS

Whats "too high" a price for gas?

Quickly, you are forgetting the demand side of the equation.

Everything over $2.50

Demand? It didn't change that much. I'm not being a wiseguy, I just don't understand (or believe) that supply and demand - in the USA - would cause that much fluctuation. Weren't the OPECs keeping production fairly constant through out all of this gas price wavering?

You need to do more research. Again, quickly: during the 70s (by the way, it's not possessive; it's plural)the price of gasoline in the US more than doubled. Imported supply decreased about 18%. For the first time, Americans invested in large numbers in small vehicles and significantly affected demand. Price controls were placed on gasoline on and off during the decade, and gas rationing was in effect.

Why in the world can't some people get it through their head that dollars chase products and that the amount of dollars chasing a product will determine its price. Its competition and its called demand.

Sorry Oli, I am not going to do more research. I don't have the time or the desire. I pose the questions here to get a succinct answer to my curiosity, but all I get is intellectual economist recitation for my feeble economist brain. I'll never bring it up again.

Sad thing is, you're all sitting here complaining about fuel prices while those blokes who own the companies are laughing insanely at their massive incomes.

OUCH MY GLASS HOUSE JUST SHATTERED ON ME

Oil falls below $38 - OPEC cut ignored

Last Updated: December 18, 2008: 11:29 AM ET

NEW YORK (CNNMoney.com) -- Oil prices fell below $40 a barrel Thursday, reaching levels not seen since June 2004.

Investors continued to shrug off an upcoming OPEC production cut announced on Wednesday, after which oil closed at a 4 1/2 year low.

U.S. crude for January delivery, which ceases trading on Friday, fell $2.12 to $37.92 a barrel in early trading, but not before touching a trading low of $37.71. The February contract, which begins its front-month run next week, fell $1.69 to $42.86.

On Wednesday, the Organization of Petroleum Exporting Countries, an international trade organization whose members supply about 40% of the world's oil, elected to cut production by 2.2 million barrels a day in January.

But investors were concerned about the slowing global economy's impact on crude demand, and that sent the price down $3.54 to $40.06 a barrel Wednesday, its lowest close since July 2004.

"They're wondering whether OPEC can enforce this cut," because the budgets of many OPEC nations are already stretched incredibly thin, said Nimit Khamar, analyst with Sucden Financial in London.

Investors had also largely ignored other OPEC production cuts made since September, totaling an additional 2 million barrels a day.

Falling demand: Oil prices have shed more than $100 a barrel since hitting a record high of $147.27 a barrel in July as worldwide demand began to decline.

In the United States, the world's largest oil consumer, supplies have been building as Americans cut back.

U.S. crude inventories increased by 500,000 barrels last week, according to the Energy Department.

"We've got more oil than we know what to do with at the moment," said Bob Thomas, head of the energy group at Porter & Hedges, a Houston-based law firm that represents oil companies.

Consumer in the U.S. drove 100 billion fewer miles over the past year, according to a government report.

"We're seeing demand slip everywhere, including China," said Khamar.

Rapidly expanding export-based economies of nations such as China and India are beginning to suffer as much as their counterparts in the developed world, where cash-strapped citizens are consuming less of everything.

"It may take a while for supply and demand to match up," said Thomas.

Looking long-term, the Energy Department said Wednesday that crude oil could rise again, reaching $130 a barrel in 2030 as global supplies diminish. But it also predicted that demand for fuel would rise by only 1 million barrels a day during that time period.

Then why am I paying 1.72?

I don't know. It's still going down in NJ. $1.41 yesterday.

Blah blah supply blah look at how smart I am demand blah blah

I think these assholes are being greedy for the holiday travel.

Probably. If it makes you feel better, gas is still $1.90+ here on SI.

founding fathers fiducial legislative adjudication federal government constitution first amendment litigation subpoena sovereign democratic ordinance memorandum stand the post injunction $1.45 demand demand supply supply

Sounds like a Billy Joel song.

We didn't inflate the prices!

Well, I passed a gas station in Central Valley, NY that was still charging $2.05 for regular. Now, that's one greedy bastard!

Ours went up to $1.55.

$1.75 here...went up a few cents.


TIS

$1.55.

It's funny now to see closed down gas stations with prices $3-$4 and notice the difference instead of the other way around.

Is is true that by people paying less for things means that they don't have the money?