[rhudeboye]

What the price was on Friday







What I paid this morning, same location (Costco)

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[saxman]

premium is still $3.89 here

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[flash]

happens every presidential changeover - it's the old "hey look what we've done for you, so re-elect us" maneuver - also a great way to increase demand, therefore increase futures



they'll sail back up soon enough

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[rxter]

I'm not heading out to buy the new SUV, but it was nice to oil below $80. Felt a bit nostalgic for a moment. Hopefully will put a lesser dent in my VISA bill as well.

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[rhudeboye]

[quote name='saxman' post='61584' date='Oct 13 2008, 02:42 PM']premium is still $3.89 here[/quote]



Still? Your not saying that that's where it was 2 weeks ago, are you?

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[flash]

same here - regular is down to about 3.55 here, but premium is up around there



a buddy in missouri said it was even lower than posted above

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[saxman]

[quote name='rhudeboye' post='61616' date='Oct 14 2008, 06:53 AM']Still? Your not saying that that's where it was 2 weeks ago, are you?[/quote]

It's been within 10 cents of that number for the past few months

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[Cloud9...68]

[quote name='flash' post='61588' date='Oct 13 2008, 04:51 PM']happens every presidential changeover - it's the old "hey look what we've done for you, so re-elect us" maneuver - also a great way to increase demand, therefore increase futures



they'll sail back up soon enough[/quote]

I hadn't heard that theory before (not in a long time, anyway), so I decided to check it out. I found this plot of historical gas prices:



Gas prices from 1976 to present



Looking at the elections years, there really isn't a strong correlation to a downward trend in gas prices, followed by a rise the following year. This did happen in 1992, 1996, and 2004, but not in the other five election years since 1976, so there really doesn't seem to be a positive connection to election year politics.



The price of oil, and therefore gas, is a very complex interplay of many factors, including the strength of the dollar, geopolitical tensons, refining capacity, environmental regulations, seasonal factors, and expectations of worldwide demand. All the evidene points to this latter item being the biggest factor in the recent breathtaking collapse in oil prices, as there seems to be real fear in the marketplace that the current credit crunch will lead to a deep worldwide recession, which will tank demand for petroleum. It's anybody's guess as to how this will all play out, but let's enjoy the relatively affordable gas for the time being (but not ruin it by going out and guzzling like drunken sailors again).



By the way, I made a copy of the attached plot into powerpoint, where I inserted arrows pointing to the election years to make it clearer, but when I tried attaching this document, I got a message saying I don't have the priviledges to do this. Is this universal, or am I doing something wrong? Thanks.

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[RPM]

NC has the highest state average for unleaded in the country. Some nonsense about being at the end of a pipeline. Just now dropping to $3.50 for regular.



I know the theory of the presidential elections and gasoline prices. But unless you can explain to me how the Democrats and/or the Republicans managed to run two hurricanes right through the Gulf coast rigs and refineries, the real answer may be a bit less interesting...

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[flash]

i have never been able to figure out gas prices - here we are, source right here, refinery right here, and yet we have silly prices, even after subtracting all the taxes



stuff is supposed to be cheaper when you sell more of it and your costs are lower



very frustrating



we really need to move oil under the same conditions and regulations as any other energy source

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[wiseman]

$2.98 down the street at Wall Mart for Regular in Tampa. $3.19 in Orlando.

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[Big Dave]

You guys have got it good..

Try filling up in the UK.. Its around £1.00 per LITRE.... Thats about $4.50 ish..... <img src="/forum/images/smilies/968/mad.gif" class="smilie" alt="" /> <img src="/forum/images/smilies/968/mad.gif" class="smilie" alt="" /> <img src="/forum/images/smilies/968/mad.gif" class="smilie" alt="" />

Bet your glad you not over here.??????????????

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[flash]

lol - i am not complaining for a minute - frankly i wish gas prices would sail to $5/gallon - that would force people to seek out other means of getting around

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[Duckman]

I finally found some 93 Octane fuel yesterday afternoon. It's been virtually non-existant in the Charlotte area for a month. Even more good news is that I "only" paid $3.499. That beats the heck out of $4 for regular 87 Octane and $5 for Octane Booster.

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[Big Dave]

87 + 93 octane...

Flippin heck thats weak.. We run 95 , 98, + sometimes 105, octane over here.... <img src="/forum/images/smilies/968/smile.gif" class="smilie" alt="" />

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[flash]

we measure it as RON+MON/2 here - i think yours is just RON

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[Cloud9...68]

I've seen as low as $2.67 for regular here in Austin, and it's dropping by the day, sometimes multiple times in one day.



I'm not sure what to make of all the volatility. Part of me says that the benefits of a free (or at least quasi-free) market system far outweigh the downsides, so why not just accept the fact that prices of commodities like fuel are going to rise and fall? But another part says this is crazy, and maybe we should somehow regulate it.



It comes down to what's best for society overall. Given the vast superiority of petroleum based fuels for automotive use over all the other possible choices, I worry about the fact that allowing something else to compete would entail significant governement intervention, aka "social engineering" in the form of subsidies, selective taxation, etc. Fannie Mae and Freddie Mac tried that sort of thing by "guaranteeing" the loans of people who had no business getting them, in the name of "spreading the American Dream of home ownership," and that didn't turn out so well...



But I do understand the frustration over not being able to predict fom one month to the next what one's gas bill is going to be, so I really don't have any answers.

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[flash]

deep breath - stepping up on soapbox



i am not a fan of the free market when it comes to energy and such, that are basic needs of any civilization - i am also not a believer that speculation beyond real market trading is anything but a recipe for disaster



what we have now was bound to happen - you can't keep "raising the bet" and speculating on future business without it coming crashing down at some point - somebody is going to fold



this is the problem with oil speculation, short selling, and any other such trading - we cannot go on guessing on what is going to happen 6 months from now, and buy the oil at the price it will be then - trying to predict future trends, and buying stock in a company is one thing - buying commodities at a future price is just stupid to allow - it is way too easy to manipulate the market and get us where we are now



and i agree about the banking bailout - i think we should have let them crash and burn - it would have sucked, and people would have suffered, but life is rough - but it would have put a stop to the problem - now they will just figure out ways to keep their golden parachutes and screw us again - these ceos should not be allowed the huge salaries and bonuses, and such excesses should be in the form of stock - that way they are risking the same as anyone else



lol - am i sounding like a socialist yet?

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[Scott Collins]

$2.79 for regular unleaded today in East Windsor, NJ.

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[rhudeboye]

[quote name='Cloud9...68' post='61730' date='Oct 15 2008, 04:48 PM']I've seen as low as $2.67 for regular here in Austin, and it's dropping by the day, sometimes multiple times in one day.[/quote]



Thats the situation here also. We own 3 cars and as I fill them up through the week, I pay less and less every time. I remember a comment made on a talk radio show. " that the days of gas prices being under 3.00 are now a thing of the past". Even if its temporary, Its good to see it.

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