Relief from rising gas prices on horizon

[babylonsister]

Relief from rising gas prices on horizon
By the CNN Wire Staff
May 9, 2010 4:56 p.m. EDT


(CNN) -- Gasoline prices at the pump have climbed more than 7 cents per gallon in the past two weeks, but could plummet soon with declining crude oil prices, according to a survey published Sunday.

The national average for a gallon of gasoline is $2.92, the Lundberg Survey found in an analysis conducted May 7.

But drivers will likely start paying less for gas in the coming days as oil prices fall, survey publisher Trilby Lundberg told CNN.

"Retail prices will be tumbling down," she said. "But we cannot know how much or exactly when."

Crude prices have dropped about $1.78 per gallon in the past two weeks, she said.

While not guaranteed, the likely trend for dropping oil prices means the national average may not reach the $3 mark all summer, Lundberg said.

more...

http://www.cnn.com/2010/US/05/09/gas.prices/?hpt=T2

[Journeyman]

1. If I live to be a thousand, I'll never understand how gas is priced. . .

[Orrex]

2. It's actually really simple.

When oil prices go up, gas prices go up.

When oil prices go down, gas prices go up.

When oil prices stay the same, gas prices go up.

When some asshole in an oil-producing country makes an angry face on camera, oil prices go up.

And so on.



See?

[babylonsister]

3. LOL! That's about right. nt

[Statistical]

7. So when do gas prices go down?

Given that gas prices are still below the peak of 2008 today.

[Orrex]

11. You only think that they've gone down

But every time you fill up at the pump, those Big Oil execs reach out and slice off an additional little piece of your immortal soul, so it all balances out.

In their favor.

[Journeyman]

14. Ah, now I understand! . . .

[Feron]

4. The BP spill is a wild card.

Oil platforms will have to shutdown if the slick reaches them. And there is a station called LOOP in the gulf that may shutdown if the slick reaches it.

http://en.wikipedia.org/wiki/Louisiana_Offshore_Oil_Port

[Skink]

5. two words. Gulf oil slick.

[taterguy]

6. That's three words

[Orrex]

12. The "two words" were the two words at the beginning of the subject line.

Clearly labeled as such, for your convenience. :evilgrin:

[lib2DaBone]

8. I read where we are runing out of places to store oil in the United States..

This will find a way to cause $5 gas because now we have to pay for a place to store all this crude.

[Uben]

9. Probably $10 a gallon.....

...cuz I'm sure the oil companies are charging themselves all that money to store their own oil. All they have to do is buy or build storage units under the name of another company they start up and charge themselves for storage...all the while, pushing the storage costs as the reason for increased prices.

Need a price increase? Create one!

[Andy823]

10. I will believe it when I see it!

Oil has dropped around 10 a barrel, and when the price is low enough for those with the big money to buy it up again, and hold it till the price goes up because they manipulate the prices, the process will start all over again. Until congress does something about the speculators they will buy low, use every means they have to manipulate prices, and then when it gets high enough they will start selling it off again. We need congress to stop the madness, and help the people for a change instead of the crooks that cause the rise in prices!

[elocs]

13. Gas prices have dropped this past week where I live from $2.91 to $2.84.

I use my car to make my living so I'll take any drop I can get.