Originally Posted by jamesdglick

-Where were you?

right here in Santa Cruz, CA where I currently reside... that was back in late June. I went out of town for a couple weeks in early July (to a place where it was much cheaper) and expected prices to be even worse when i returned, but it's been gradually getting cheaper since then. Hell, it mighta gone down again since i last filled up a couple days ago. I havent really noticed though, since my route to work doesnt pass any gas stations. Im centrally located, so it's not all that necessary for me to drive much

IN Albuquerque, in my neighborhood, gas at University Chevron was $3.099, the best I'd get anywhere unless I wanted to drive out to the North Valley and wait in a long, long line for 2.859. Or so I thought. Errands took me up Juan Tabo, quite a bit to the east of my neighborhood and not really near either interstate - OH! $2.859 and No Lines! But since I had no way of knowing that, I am content.

Originally Posted by jamesdglick

-When you pay more for something, you're less likely to waste it (or buy it to begin with). Duh.

I'm aware. I was more highlighting the psychological significance of $4.00 versus $3.99. A lot of people made big changes right then and there.

Anyway, the gas station in my neighborhood that was $3.29 as of my last post is now $3.15, and the ARCO I use to pay cheaper with cash that was $3.21 before is now $3.09. Apparently $2.99 gas exists in some places of the Valley but not in Tempe, where $3.09 is the current minimum. I've also seen $3.25 at a couple of stations in Tempe today, so there is a range for sure.

Originally Posted by The Wonkette

I've seen it in my neck of the woods (just south of Our Nation's Capitol).

At some Vons grocery stores here in CA. there are also gas stations affiliated with the store.
If you spend 100.00 in groceries you get .10 to .15 off per gallon. (for one time of fueling).

I drove home from an event I attended in Tyson's Corner Virginia, driving along Route 7 (for those of you who know the area). It was about 5 miles.

Coming home, I saw gas prices ranging from $3.259 to $3.499. Yesterday, near my house, I saw one gas station charging as much as $3.729. I'll pass by it tomorrow and see if it's prices have fallen.

I saw a headline over at Drudge Report saying gas prices/oil prices falling. I took a walk over to our gas station. Here is the 'fall' for us. Premium- 5.499 Reg-5.379 That's down .35 cents. Woohoo!

Last night I drove to a local Mexican restaurant for dinner. As I passed my neighborhood gas station I noticed the prices at $3.499/599/699.

When I returned a couple of hours later, they'd dropped to $3.399/499/599.

Originally Posted by jamesdglick

Shell in Clarksville, TN just started [24 SEP] selling regular again: $3.999/gallon...

More recently...

Originally Posted by jamesdglick

-Now at $3.289/gallon (lower than it's been since I started looking in June)...

Originally Posted by jamesdglick

Shell in Clarksville, TN just started [24 SEP] selling regular again: $3.999/gallon...

-Now at $2.699/gallon...

I filled up on my way to work this morning and it was $3.35 a gallon. As I was driving by the same gas station on my lunch break, it was down to $3.27... That's still above the national average, but it was almost a buck fifty more backing late June/early July so Im not complaining

Originally Posted by Roadbldr '59

Last night I drove to a local Mexican restaurant for dinner. As I passed my neighborhood gas station I noticed the prices at $3.499/599/699.

When I returned a couple of hours later, they'd dropped to $3.399/499/599.

And since then, the price of a gallon of petrol has plummeted to $2.979/3.079/3.179.

Whodathunk we'd ever see under-3 gas again?

Originally Posted by Roadbldr '59

Whodathunk we'd ever see under-3 gas again?

It's that low here in Nashville, too, but yesterday's local paper had a front page article about the impending mass foldup of a lot of car dealerships. One paragraph in that article suggested that even with gas back below $3 a gallon, people around here are still driving like it's over $4, and headed even further up. 4T indicator, perhaps? Or are the lower gas prices just a ploy to garner more votes for McCain annd Palin? We shall see, and fairly soon.

Originally Posted by jamesdglick

Shell in Clarksville, TN just started [24 SEP] selling regular again: $3.999/gallon...

Originally Posted by jamesdglick

More recently [21 OCT]... $2.699/gallon...

-Now at $2.599/gallon.

Originally Posted by Roadbldr '59

And since then, the price of a gallon of petrol has plummeted to $2.979/3.079/3.179.

Whodathunk we'd ever see under-3 gas again?

Now $2.899/2.999/$3.099 in Vancouver, USA.

"Happy Days are here again!!!... the skies are blue and clear again!!!..."

Originally Posted by Roadbldr '59

Now $2.899/2.999/$3.099 in Vancouver, USA.

"Happy Days are here again!!!... the skies are blue and clear again!!!..."

Its about the same in my neck of the woods.

Originally Posted by The Wonkette

Its about the same in my neck of the woods.

Peak Oil? Perhaps not. From where I sit, it's beginning to look like just another bubble bursting, with the barrel going for something like $65.

Originally Posted by Roadbldr '59

Peak Oil? Perhaps not. From where I sit, it's beginning to look like just another bubble bursting, with the barrel going for something like $65.

For the past few years, we've been producing 85 million barrels of oil each day (world-wide). It's been flat, after 100 years of growth. World use has been increasing and in 2006, hit 85 million. No excess supply, hence a price spike. Looks like peak oil to me.

I expect world-wide demand right now is down, thanks to the financial crisis. So we have a world-wide surplus again. Thus, the price of oil is falling.

Originally Posted by jamesdglick

Shell in Clarksville, TN just started [24 SEP] selling regular again: $3.999/gallon...

Originally Posted by jamesdglick

More recently [21 OCT]... $2.699/gallon...

Originally Posted by jamesdglick

Now at $2.599/gallon.

-Now at $2.499/gallon.

$2.319 for 10% ethanol last Sunday.

Pax,

Dave Krein '42

Originally Posted by The Wonkette

For the past few years, we've been producing 85 million barrels of oil each day (world-wide). It's been flat, after 100 years of growth. World use has been increasing and in 2006, hit 85 million. No excess supply, hence a price spike. Looks like peak oil to me.

I expect world-wide demand right now is down, thanks to the financial crisis. So we have a world-wide surplus again. Thus, the price of oil is falling.

Both of you are right. Yes the $140 oil was a bubble, and yes Peak Oil is still relevant.

The secular bull market in oil that began in 1999 reflects Peak oil. The trend in oil prices is up over the long term. But this does not rule out ordinary bull and bear markets embedded in the rising secular trend. Oil prices are not going to return to their 1990's lows of ~$15 in today's dollars. That does not rule out big drops drops from the trend, which we may see in the next year or two. During good times we also can have excursions upwards like the bubble last spring when prices doubled over an incredibly short period of time and then collapsed.

The *cause* of the rising trend is Peak oil, that is, imbalance between a flattish trend in supply and a rising trend in potential demand. During good times there will be full utilization of existing supply and a rising desire to use more at current prices, which leads to higher prices to force demand to match supply.

Since oil is traded on futures markets, its price is susceptible to bubbles just like prices of any other financial asset. Once the housing bubble peaked, the hot money was going to move elsewhere. I thought it would be stocks, but it turned out to be oil and other commodities. Now that panic has set in, prices of all sorts of assets, include oil are plummeting.

Since panic leads to a depressed economy, demand for oil is reduced and the Peak Oil driver of the rising trend is temporalily suspended. That is, there is currently no "story" or fundamental analysis at present that can support a belief that oil prices will remain at levels far above the cost of production. Market technicians have noted that the short-term trend is down and bet accordingly (that is, we are in a bear market).

Of course if OPEC members can avoid cheating on their quotas they may be able to engineer a much higher price. Maybe they can hold the line at $50; there is far less excess supply this time than there was after the Asian crisis in 1997. It depends on how much Asian demand will be affected by a worldwide recession.

It was $2.89 a gallon this morning when I filled up on my way to work! I seriously cannot recall the last time I paid less than $3 a gallon before today

Down to $2.26/gallon here.

Let's see what happens late next week, after the Election.

Originally Posted by jamesdglick

Shell in Clarksville, TN just started [24 SEP] selling regular again: $3.999/gallon...

Originally Posted by jamesdglick

More recently [21 OCT]... $2.699/gallon...

Originally Posted by jamesdglick

Now [25 OCT] at $2.599/gallon.

Originally Posted by jamesdglick

Now [28 OCT] at $2.499/gallon.

-Now at $2.359/gallon.

I paid just $2.06.9 last night, passed a $2.05.9 on the way into work this morning, and the StarTribune is reporting some suburban stations are selling below $2.00 per gallon today.

On Tuesday I bought some major-brand gasoline for $2.299 in Toledo, Ohio.