Oil falls below $59, gasoline continues plunge

[BornAgain123]

http://biz.yahoo.com/ap/081111/oil_prices.html

HOUSTON (AP) -- Retail gasoline prices dipped for a 17th week since July 4, falling below $2 a gallon in a number of states and as low as $1.77 in Des Moines, Iowa.

While consumers, worried about a weak job market and slumping investments, are grateful for the price relief, there are indications they are hanging on to the money that they are not putting in the gas tank.

Oil prices hit a 20-month low Tuesday as Wall Street offered yet more evidence that consumers have gone into hiding...........

[Kvat3r]

Well... I definetley dont dread getting gas anymore....:thumb I for one am not complaining one bit....:) (sorry, I cant spell definetley...hehe)

[Stratosfear]

I, too, am welcoming this momentary respite from high gas prices. Of course, I expect it to shoot upwards once more real soon. But in the meantime, I'm going to enjoy the savings.

(By the way, Kvat3r, it's spelled "definitely.") :)

[Lisababy]

:yeah :yay :yeah :yay :ring :woo :woohoo :bouncie


Can you tell I'm happy the price keeps dropping?

[Joe Valentine]

Hooray!

But they'll go back up shortly after January 20... :(

[Stonewall]

Maybe now people will stop believing in so-called price-gouging.

[LoudRam]

No complaining here, let it drop. I can afford to fill my truck again. :yeah

[BornAgain123]

Well-in this case, looks like low oil prices is a bad thing.

http://biz.yahoo.com/ap/081111/oil_prices.html

SINGAPORE (AP) -- Oil prices hovered near 20-month lows at $59 a barrel Wednesday in Asia as investors come to grips with the prospect that global growth next year will slow more than originally feared, cutting demand for crude products such as gasoline.

Light, sweet crude for December delivery was down 31 cents to $59.02 a barrel, after falling as low as $58.55, in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract overnight fell $3.08 to settle at $59.33, the lowest closing price since March 2007.

Oil prices have fallen about 60 percent in four months, plunging from a record $147.27 in mid-July...........

[Joe Valentine]

Maybe now people will stop believing in so-called price-gouging.

???

Price gouging is a real practice that happens all the time...

[Sister-N-Christ]

It's at 1.92 in southern Indiana. Wooohoooo! Gives us so much more flex room in our budget, so we're trying to get our car paid off as quickly as possible. Every little bit we can put on that helps.