will gas hit below $3/gallon?
I
Joined: Jan 2001
Posts: 56,525
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From: Westside til I die
I doubt it in CA....I don't remember the last time it was under $3...and premium definitely won't make it. 
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Apathy Kills
Joined: Nov 2002
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From: The Left Lane
I strongly doubt it.
On the retail side, I think $3 is going to be the new baseline.
And on the markets, if fed cuts the prime rate again, I think people are going to start playing oil again as a hedge against inflation.
On the retail side, I think $3 is going to be the new baseline.
And on the markets, if fed cuts the prime rate again, I think people are going to start playing oil again as a hedge against inflation.
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Thread Starter
Joined: Oct 2000
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From: Location Location
oil price dropped about 30-35/barrel (for november futures).
the last time it was under $3 for premium was 2006 or so... if i recall correctly
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Originally Posted by WiLL
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Thread Starter
Joined: Oct 2000
Posts: 44,908
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From: Location Location
my thinking is that yes people will probably go into oil for a short term but as we've seen, consumption will drop drastically when the price hits a certain threshold. thus the price will again drop down. it's possible that we will see a yo-yo effect with the price of oil. as price drops OPEC could cut production to boost price, which would get people to put money in oil but then consumption will drop and the price will go back down again, etc, etc. this yo-yo effect is exactly what OPEC does not want to happen so they will be more careful with cutting back of production as they have in the past.
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Originally Posted by WiLL
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