Gas Price As Stimulus Package?
EmailMonday afternoon means — among other things — we get that official figure for the average price of a gallon of regular gas. We drivers are now pocketing savings that some are likening to an at-the-pump economic stimulus package.
More from business editor Dan Arnall:
The Energy Department says the price of the average gallon of regular unleaded dropped four cents last week to $1.61. That’s the lowest gas price since mid-January 2004 (almost a five-year low). This week’s drop in prices also marks the 15th week in a row that prices have fallen. Since the record high we saw in July ($4.11), prices have fallen 61 percent or $2.50. Prices are now 47 percent below their level from a year ago ($3.05).
Oil prices, which are the key determinant of prices at the pump, have been going up in the days since Israel started retaliating against the Hamas rocket attacks from Gaza. Traders are betting that a hot war in the
Middle East could force supply disruptions from the region. The price of a barrel of crude rose $2.31 to $40.02 today. But will it be enough to counter the massive drops in global demand because of the worldwide recession? That’s likely going to be determined by how long the conflict goes on.
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boils down to this, if we are smart and continue to cut consumption, OPEC will not be effecctive. Remembner, all they have to sell is oil! Gas went up 10 cents a gallon before Xmas and went down 10 cents a gallon today. They all need to be prosecuted for fraud.
Posted by: mjv2944 | December 29, 2008, 9:06 pm 9:06 pm
leave it to wall street to try to make a profit on people’s suffering.
Posted by: robert | December 29, 2008, 10:24 pm 10:24 pm
It is interesting to note that the bail-out was needed by the same investors who dove the price of fuel to record highs. Bush was an oil man who was seen publicly holding hands with an Arab Sheik – what would you expect? Additionaly, the riff with China over debt will break the U.S. and its allies. I did a report once (which I wrote Chenney about) that concerned the Chinese retaliation for the British coming to China; snd getting its people on opium. The Chinese sold Heroin in Vietnam for 40 usd per ounce (which sold for 4,000 usd an ounce in NY. It is my opinion that U.S. troops were lure to the Middle-East to run-up the debt of the U.S., so the west could be broken. It is a fact that the Jews make nothing; and survive off financing — which has traditionally caused them problems when the leaders whom they financed reniged on repayment of the debt to them. History is repaeating its self.
Posted by: olin tucker | December 30, 2008, 1:24 am 1:24 am
If we want to keep these prices reasonable, we NEED to drill more here in the US RIGHT NOW!
Energy independance begins with us gaining more control of our own oil !!!
Posted by: Mike_C | December 30, 2008, 11:50 am 11:50 am
Alternate Energy and training programs to get this country moving forward WHILE we drill now.
Posted by: Patrick | January 2, 2009, 4:23 pm 4:23 pm