Crude Oil at $58,84/barrel!
 

yea but what were the prices at the pump when in the past a barrel was $58.....??? anyone have such data???

It is clearly time to bail out the oil companies they are going to lose their shirts and stock holders are losing more. Its time we helped big oil so it can help main st.

I'd like to know as well - I'm going to take a guess at $1.48

A barrel of oil in 2005 was under $60 - Gas was around $1.40-$1.50

http://zfacts.com/p/35.html

10$ / barrel, here we cum

Prices will be normal.. eventually. Right now I'm seeing large drops in consumption. Thats a good point to start dropping prices. But I'm more concerned about the consequences of the recession, people are loosing jobs, companies go bankrupt..

thats what i figured... its still well above $2 in new york and about $2.85 for super

Two things you need to remember...

1) gas stations bought their gas when oil was more expensive, meaning gas was also more expensive. They will not drop prices until they have to so that they can recoup the investment, which typically means at least until that shipment is sold out.

2) once a business "gets away" with raising their prices for whatever reason, they will not be quick to lower their prices until they absolutely need to. As the gas stations compete with each other, the prices will slowly drop.

shoe me some love :)

Buy buy buy

Exactly. I still see gas stations with $3.00 + gas as it will take them a while to go through it. Sam's Club had the best prices in the recent decline, but lately, my local gas station has the same price $2.35 for Regular. Premium is $2.55.

I still have gas at home which I purchased for $3.80, anyone interested?

yea good point

Good luck seeing it much below 2$ any more.

Actually, I would say that demand for other refined producs of oil, like heating oil (china) and diesel (europe) are the cause. Every gallon of heating oil and/or diesel produced means 1 less gallon of gasoline. Less supply of gasoline from refineries = higher prices.

Gas prices have been going down at least

Here in Houston, I saw 2 gas stations today that are having a price war both at $1.49 and the average here is now around $1.96 and dropping daily as I don't see any stations with $2+ anymore.

MSN has a cool link to check gas prices by zip code, prices update daily

http://autos.msn.com/everyday/GasStations.aspx?

The national average is $2.19