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Gas price watch: Gravity really works

Monday, October 13, 2008

(Photo)
Gas prices in Marshall dropped again over the weekend, and Monday morning were 42 cents less than a week earlier.
(Eric Crump/Democrat-News) [Order this photo]
Gas prices dropped again sharply in the Marshall area over the weekend, hitting $2.52 per gallon at some stations Sunday, Oct. 12. That's more than $1.30 less than summer peaks and a 40-cent drop in about a week. Local prices remain considerably lower than the national average, too. According to American Automobile Association reports, the average price for regular gasoline Monday, Oct. 13, was $3.20.

A CNN article Monday notes that the decline is attributed to the end of hurricane season -- storms that roar through the Gulf of Mexico can disrupt oil production there -- and predictions that world economic troubles will reduce demand.

The decline comes as oil prices have "plummeted nearly 40 percent in just three months, from about $147 a barrel in July to below $83 on Friday," according to TIME Magazine. The TIME article notes that the abrupt slide in oil prices has flummoxed market analysts, some of whom had predicted continued price increases, possibly topping $200 per barrel.

TIME also notes that environmentalists see a downside to diving oil and gas prices if the decline slows momentum of renewable energy projects that were boosted by the summer price spike.

On the Net:
http://www.ouraaa.com/news/news/fuel.htm...
http://tinyurl.com/3kzmfn


Comments
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The real story should be how at least one local station changed its prices from 2.62 to 2.75 then back down to 2.55 all in the space of 18-hours..

Now someone tell me how that isn't a formula for price-gouging instead of setting a fair price..

Did two different tanker trucks visit the same gas station within that time period with different contract prices?

Of course not..

The price of gas with the barrel price being what it is now should be below 2.00 a gallon right now.

That's what the story should be about..forget "gravity" its about greed.

-- Posted by Hombre on Tue, Oct 14, 2008, at 3:33 PM

No problem Eric. I know how easy it can be to get distracted. It's always nice to see a good story in the paper from time to time. Maybe California will follow suit and start lowering prices. Its still $3.35 to $3.65 out here.

-- Posted by cjay on Tue, Oct 14, 2008, at 5:40 AM

So there is no article here just a picture? I guess the picture is enough. I wish I were there right now, you guys are paying 90 cents less than what I paid today! Hopefully I will get to see gas for under $3.00 sometime soon!

-- Posted by cjay on Mon, Oct 13, 2008, at 7:13 AM
Response by Eric Crump/Editor:
I meant to add the story last night but got distracted. I updated the info this morning and just posted the story.


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