will gas hit below $3/gallon?

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Oct 11, 2008 | 06:16 PM

#21

ShaolinLueb

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From: Holyoke, MA

2.85 here

Oct 11, 2008 | 06:34 PM

#22

R_Squared

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From: Indianapolis

I think regardless of how much the price of gas is dropping right now, I will continue to do what I can to improve my driving habits in order to reduce my consumption. I just see the lower price as a bonus now.

Last edited by R_Squared; Oct 11, 2008 at 06:39 PM.

Oct 11, 2008 | 06:35 PM

#23

TheOtherDave™

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From: The Left Lane

Quote:

Originally Posted by DakarM

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.

Agreed. We already saw what $140+ / bbl oil did to consumer spending.
With the hurricane season winding down, I hope we don't test that limit again.

Quote:

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.

Yep. It's a safe bet that OPEC will meet more often and adjust production more quickly to suit the market.

I know AAA and I think even the DoE is attributing this year's drop in consumption to demand destruction.
As in a permanent reduction. How they came to that conclusion, I don't entirely know. I'm still a bit skeptical.

h:

But globally, you've still got people in India and China taking to the roads by the millions.
With that in mind, I think we're within $10 or so of seeing a bottom for oil futures..

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Last edited by TheOtherDave™; Oct 11, 2008 at 06:36 PM.

Oct 12, 2008 | 11:34 AM

#24

Misa

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From: NJ

already did in NJ

Oct 12, 2008 | 03:01 PM

#25

THEOLDMAN

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From: Twixt Hell/Ann Arbor MI

We just filled up with premium for 3.299; regular was 30 cents less a gallon.

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Oct 12, 2008 | 03:03 PM

#26

shirley

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From: MI

2.96 here

Oct 12, 2008 | 05:41 PM

#27

lil_1_2002

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From: cali, bay area

not in CA opec will cut production soon.. those bastards

Oct 12, 2008 | 05:45 PM

#28

Civic2Scooby

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From: michigan

2.89 for regular here.

Oct 12, 2008 | 06:52 PM

#29

MrFatbooty

Wannabe yuppie

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From: Madison, WI

$3.19 for regular here, perfect time for me to buy a premium-swilling gas hog!

Oct 12, 2008 | 06:57 PM

#30

Nec

.......

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From: noobtown

2.something here

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