$1.97 a gallon!

[Double D]

At Wawa in Wall, NJ, and the mom and pop station next door

The only bad part is that it illuminates the speculation that had us at $4+ just a short while ago.

[nautiduck]

We saw it for $1.68 in Lake Wylie SC just outside of Charlotte. Its too bad I had just filled up at $1.86 that morning.

[bigeasy]

We are perhaps looking at executive orders to restrict drilling in the US. If that occurs, look for fuel to climb in price. Remember the party in power hates carbon.

Harry Reid said "it makes us sick". Pelosi only let her members vote for drilling to get reelected. Obama is in favor of green energy and abhors carbon and nuclear.

I am not optimistic about our future.

[Glenn W]

Cliff,
Interesting reasoning being an almost exact reflection of the pettyness we have actually seen in Washington for several years and which most of us have complained about. That is, you take an observation, and instead of any objective uestioning followed by analysis and scientific methods, you find it a bigeasy and more important to bicker with your political opponent and not even consider the issue.
Wouldn't Double D's observation be one that many policy makers are wondering about as well?--- of course.
So, lets look at reality of what is going on first. Then I would suggest an attempt to analyize why this phenomena is occuring, and only then can informed and productive (in terms of our policy makers) decisions be made.
The phenomena that has occured is that petroleum prices have been cut in half in only a couple months--- that much is known. What also is known is that the laws of supply and demand apply only in rationale markets in which there is no horrendous market power or in which a market is not entirely out of eualibrium ( damn cue button).
With respect to oil, no doubt that demand has been reduced somewhat in the last several months, but supply has largely remained unchanged (somewhat of a recent cut in supply). Without getting into alot of economic terminology and mumbo jumbo, it is common sense that there is no rationale reason for a 50% reduction in price if the price and market isn't all out of whack. It would seem that the manipulation of the market by its players may be a logical place to start looking for reasons for this seemingly illogical phenomena.
Unfortunatly, polititians with your mentality and philosophy do not want to look under this mess of potential market manipulation because what may be found is that stronger financial commodities and futures regulations are the real solution---- the dreaded "regulation" word---- and which may cut into oil industry profits which have been unprecidented monopolistic levels of late.
Boy 'o Boy, that's some complicated stuff right there---- as a must live by my party views person, I think I'll just blame the damn democrats.
Off topic a bit---- it will indeed be interesting to see how the new President and Democratic dominated Congress addresses the Nuclear and overall carbon energy issues.

[Big Fish Billy]

How about the simple spin that there is excess gasoline left over from a summer of cutting back travelors, as the refineries gear up for fuel oil for the Winter. Simply enjoy the break until the December 3 OPEC meeting when they will profoundly "annouce" their cutback of making gasoline. Maybe we can convince ourselves that our nice oil companies are sharing some of their $40,000,000,000 profit and giving us a break before Christmas to do a little shopping...not...and let's remember any tampering with oil companies will result in lines at the pump, both parties have been told that, "and we don't want that"...enjoy the break...

Bill

[Charlie]

Does anyone have a report on red marine diesel in NC?

[jarheadflyer]

So Glenn Obama blamed Bush for gas being $4 dollars a gallon. All I want to know is if it goes back to $4 dollars who's fault will it be.
Jerry

[Ultralite]

Pelosi only let her members vote for drilling to get reelected. Obama is in favor of green energy and abhors carbon and nuclear.

Actually, they voted on nothing. They simply let the moratorium on offshore drilling lapse. They just wanted to take that issue off the table during the election and did so without a vote to blemish their environmental voting records. Furthermore, they knew the environmentals and their lawsuits were sufficient hurdles to prevent any progress on new drilling. Then the financial crisis along with the crash in oil prices shifted all election focus away from the oil issue.

However, it will bite us in the ass again and it will cycle back quicker because the prices were not high long enough to drive sufficient investment in new exploration and development. So not enough development of new reserves means that high prices will return as soon as demand comes back after an economic recovery.

[Big Fish Billy]

Actually, they voted on nothing. They simply let the moratorium on offshore drilling lapse. They just wanted to take that issue off the table during the election and did so without a vote to blemish their environmental voting records. Furthermore, they knew the environmentals and their lawsuits were sufficient hurdles to prevent any progress on new drilling. Then the financial crisis along with the crash in oil prices shifted all election focus away from the oil issue.

However, it will bite us in the ass again and it will cycle back quicker because the prices were not high long enough to drive sufficient investment in new exploration and development. So not enough development of new reserves means that high prices will return as soon as demand comes back after an economic recovery.

Three years form now?

[bigeasy]

Actually, they voted on nothing. They simply let the moratorium on offshore drilling lapse. They just wanted to take that issue off the table during the election and did so without a vote to blemish their environmental voting records. Furthermore, they knew the environmentals and their lawsuits were sufficient hurdles to prevent any progress on new drilling. Then the financial crisis along with the crash in oil prices shifted all election focus away from the oil issue.

However, it will bite us in the ass again and it will cycle back quicker because the prices were not high long enough to drive sufficient investment in new exploration and development. So not enough development of new reserves means that high prices will return as soon as demand comes back after an economic recovery.

But I believe she had given permission for congressmen in some danger to vote for drilling if it came to it to protect their seat. But the moratorium lapsed without a vote.

I believe all in power in Government have opposed increased domestic drilling. It looks like a dead issue to me.

Halliburton moved its headquarters from Houston to Dubai some time ago. They knew the domestic oil industry was in deep trouble.