Devastation In Japan Leads To Drop In Gas Prices in US

[RamboLiberal]

DES PLAINES, Ill. (CBS) – Gas prices are still hovering around $4 per gallon in Chicago, but the disaster in Japan could actually bring them down a bit.

As CBS 2’s Susanna Song reports, presently, the average prices of regular unleaded in Chicago is $3.71, about 1 cent cheaper than a week ago. At the Des Plaines Oasis Mobil station Monday morning, the price was $3.73 for regular, and $3.97 for super unleaded.

Now experts say in the short-term, the prices could continue to fall because of the devastation in Japan.

The tragedy of the earthquake and tsunami in Japan last Friday has halted the fast-paced Japanese society, leading to a decline in the demand in oil there, and thus, a drop in worldwide oil prices and gas prices here at home.

http://chicago.cbslocal.com/2011/03/14/devastation-in-japan-leads-to-drop-in-gas-prices/

And by end of week? Already heard one money expert on local radio saying prices would go up as Japan buys oil for undamaged refineries. Bet that will be the excuse of the sham artist oil companies by end of week.

[tridim]

1. Supply was up and demand down the entire time the price rose to $4.00

Fucking liars.

Gas and oil prices have nothing to do with econ 101, profit and greed sets the price.

[Sonicwall]

2. Can we now get an investigation going on the speculations?

Indictments needs to be waiting for those oil speculators and freeze their assets, transferred to the US Treasury. All oil/gas exploration companies now have to pay a $1 billion bond payable to the US Treasury yearly.

[chemp]

3. Too busy

They are trying to cash in on the Japan Crisis. How can they make money in Japan. Once that is "fixed" they will again focus on raking the cash in speculating on oil prices.

Basterds!

[somone]

4. There will be excuses to keep it above $3

Summer demand, hurricane season, CEO irregular bowel movement, etc.

[Blue_Tires]

5. Funny how pretty much any story can be tied to hometown gas prices...

[jwirr]

6. Japan will pick up their need for gas as they rebuild so this is likely

a short term fall.