How high is a barrel of oil today? I saw gas drop 10 cents!

[Deja Q]

WTF is going on?

A week ago, gas was ~$1.74.

On Saturday it was $1.69 so I tanked up.

Today it's $1.64.

Yet Iraq's oil output is currently nil tanks to 'terrorist' activity.

Shouldn't that alone cause oil to rise in price?

I smell a bush*ploy.

[BJ]

1. Time to buy that Hummer!

[Deja Q]

2. Yeah, I'll get tax credits!

Once again, * is ramming it up our tailpipes. x(

[Pepperbelly]

7. up the tailpipe, no lube, no kiss: call it bush-style.

:D

[ComerPerro]

3. Convention

Gas prices go down as the convention starts, and that way Bush and others can talk about what a great job he is doing in that area.

They will, of course, go up again right afterward, however. And the public will just be made to believe that it is a case of "supply and demand".

And, they will go down again before the elections.

[Pepperbelly]

4. no shit, I've noticed it, too.

I guess they realize that Bush doesn't stand ANY chance if the gas prices are sky-high so they seem willing to take a loss on the short term so they can rape us in the long term. Remember when the bastards started gouging while Clinton was Prez. He released a portion of the reserve and opened a DOJ investigation into gouging and BOOM, down the prices went.

They scammed enough off us to carry them for a while low-balling for george.

[HotPotato1]

5. The price of oil is not all that's driving gas prices up right now...

US refinery capacity is full. Producing all the gasoline it can produce. If the Saudis doubled their production capacity, and the price of crude oil dropped 20%, we still wouldn't be able to refine it into gasoline fast enough and the resulting supply/demand imbalance would keep prices high.

What's worse, the standards for refined gasoline are different all over the country, so if the refineries that produce your state's gasoline don't have capacity, you'd be screwed even if the Saudis started giving away the crude for free.

[Shrek]

6. Oil futures closed at a one-month low

SAN FRANCISCO (CBS.MW) -- Crude-oil futures fell Monday to close at their lowest level in more than a month, with reports indicating that Iraqi exports weren't affected by weekend attacks on key pipelines after all.

"The drop stems from uncertainty surrounding the situation in southern Iraq," said Thorsten Fischer, a senior economist at Economy.com.

(snip)


http://cbs.marketwatch.com/news/story.asp?column=Futures+Movers&siteid=mktw