This graph just makes me smile.
Road trip anyone?
it’s not good at all when you think about why this happened
nope. Not good. Much like scratching a herp-sore, it’s temporary relief of a much bigger problem.
cliffs?
Not to mention that oils greatly accelerated fall basically proved that oil speculation did have a lot to do with it’s out of control price climb.
so buy oil futures? I did. If it doesn’t go back up by June I’m taking delivery of my 300 barrels of oil, fuck it.
have you been living under a rock?
No, but theres just so much out there that I don’t know the big problem. When its stated “its not good about why this happened” I don’t understand why its not good that gas prices are falling.
the economy collapsed and took oil with it.
gas costs me half as much, but my 401k lost 45%.
I’d rather pay $4 a gallon.
gotcha, thanks
Maybe OT (I have been in NYC the last 3 days) but a ticker went by saying this “was the weekend wallstreet died”. Was it really that bad?
Pretty sure the article that goes along with that graph states that most of that is from decreased demand world wide.
A text blurb from another article about gas prices falling:
In the United States, the world’s largest oil consumer, citizens drove 100 billion fewer miles during the 12-month period between November 2007 and October 2008 compared with the prior year, according to the U.S. Department of Transportation.
And crude demand in China fell 3.2% in November compared to the prior year due to lower imports and a decline in refinery usage, according to estimates compiled by Reuters.
Now they reel you in for a couple decades before spiking again. It’s like a catch and release program.
a couple decades? I suspect it will be a lot sooner than that when we see the next spike.
even over the summer when it was over 4.50 a gallon for 93, it did not stop me from meaningless driving.
I think you will see a partial increase over the summer due to demand but the big spike back to >3.50 levels I think won’t be for another full year if not more. Unless OPEC decides to pull their shenanigans again.
Yeah, there are articles still arguing it is and it isn’t the cause. Not surprisingly the majority of anti-speculation reform articles come from the very people who made the big money investing in oil futures contracts.
But come on, common sense has to play some part here. Do you really think we’re using 75% less oil than we were when it was $147/barrel? Because that’s about what the price has fallen, and if you believe it’s just supply/demand those numbers should correlate somewhat.
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Don’t get me wrong. I think the speculators started the “panic” and escalated the upward trend. I think the reports of less demand burst the bubble and made the oil futures come back to reality but now it’s underpriced because of the global economic meltdown. It will go back up on legitimate evalutions once the panic subsides.