Gasoline Prices May Continue Declining

[Freddie Stubbs]

By H. JOSEF HEBERT

WASHINGTON - Gasoline prices, which dipped under $2 a gallon for the first time in weeks, "may be turning a corner" and should continue declining this summer, though motorists shouldn't expect dramatic decreases at the pump, the Energy Department said Tuesday.

Guy Caruso, administrator of the department's Energy Information Administration, told a Senate committee that retail gas prices fell by about three cents a gallon last week on a national average and that wholesale prices declined by 23 cents a gallon from their peak in mid-May.

These developments "should result in further reductions in retail prices in coming weeks," Caruso told the Senate Energy and Natural Resources Committee. "Absent major disruptions, oil and gasoline markets may be turning a corner."

He said the EIA's analysis recently lowered its forecast for gas prices in June by three cents a gallon and forecast that gasoline prices are expected to continue to fall beyond this month.

more: http://www.dunnconnect.com/articles/2004/06/14/ap/Headlines/d837hblg0.txt

[MallRat]

1. Thank you, Uncle Bandar!

n/t

[Poiuyt]

16. He's a man of his word

[ladjf]

2. But, January 2005 might be another matter.

[Ganja Ninja]

8. November 3, 2004 is when they start going back up.

Why can't people see this? Come on America connect the dots for crying out loud!

[ladjf]

10. I'm losing faith in Americans ability to think clearly.

[tom_paine]

11. Lost that long ago. We are now a very slavish people. Easy to lie to.

[papau]

3. Today's Basra Bomb cut Iraq oil by 1 million B per day! - should we

recalculate those projections?

They did say "Absent major disruptions" - and I guess today's bang is a major disruption ---

:-)

[Fovea]

31. That was easy, wasn't it?

We are now fighting a war on terror, and an economic war.
It is far easier to stop the flow of a commodity than to insure it.

Am I the only one who actually caught that aspect of Dune?

[THUNDER HANDS]

4. what are they talking about

I just paid $2.25 for gas yesterday

[rangerfan]

5. I paid $1.79 2 days ago.

[Lugnut]

9. I filled up yesterday

At $1.899 per. It's been that price for about two weeks here. It never topped $2.00 but got really close a few weeks back at $1.999.

[tedzbear]

20. Me too. I paid $2.25 for regular unleaded at ARCO.

:kick:

[NickB79]

21. Ouch. It's been under $1.75 in the Twin Cities for the past week

Stations are charging around $1.73 today for regular.

[hadrons]

6. NYC is in the $2.20-$2.40 range ...

in reduction here

[Barrett808]

19. Same for Seattle n/t

[Journeyman]

7. It's declined in South California. . .

but it's still in the $2.20 to $2.30 range.

[PROGRESSIVE1]

12. I'm sure that they will go up after this November.

Hint, Hint!!!

[sam sarrha]

13. by the election it will be 10 cents a gallon......

[redowl]

14. games...all games

wonder what the real price of gas would be?

Europe has been paying higher prices for years...why have we been played like yoyos......could it be the big hoggy gasguzzlers they sell us then play with the gas prices to keep us buying all these "big toys"?
hmmmmm

[Demobrat]

15. People will be driving to the polls

on the cheapest gas in months if not years. Which of course is why Kerry's toast. All the rest is filler.

[Ripley]

17. That is just the opposite of what all the Energy experts said

Two weeks ago. They said there might be a dip if OPEC releases more but this steady inching upwards in price would continue unforseeably.

Come on...Smirky can't control the price of god damned OIL!

[Demobrat]

18. No, but his friends the Saudis can.

If I were planning a driving trip, I would definately wait until the end of summer.

[Massacure]

22. I wouldn't be so optimistic that prices will fall.

Remember there is always still the possibility some people will go around on a rampage attacking oil infrastructure in Iraq or Saudi Arabia

[Demobrat]

23. I wouldn't exactly call it optimism.

Low gas prices, which will justify the war in the minds of consumers, are how Bush will beat Kerry, and there's nothing the Dems can do about it. Well, except bust our butts to get a Dem congress so we can impeach the criminals.

[buycitgo]

24. exactly, with Saudi Arabia

they're just going to step up the terra there, and they rely on foreigners to do all the dirty work there, so things will probably get worse

and what do you think's gonna happen in Iraq in a couple of weeks?

unless we take half our troops and put them in the oilfields, and along the pipelines, they're going to incapacitate Iraq's oil production, just watch

can you imagine what's going to happen there, as US troops retreat into an almost complete force-protection position

I feel sorry for those poor Iraqis, and I hope I'm wrong, but look for things to get a lot more heated than the average ground temperature there

and look for that terror premium on oil prices to go up a LOT over the next few months

there isn't going to be any more price reduction; that's my guess

that's why I'm buying a Prius

[Demobrat]

26. Unless we take half our troops ...

That's what the contractors are for. There will be a price reduction. Of course it will be temporary. Extremely temporary.

[Teaser]

25. Gas prices will stay high...

They just won't reach last months highs for a little bit yet. The price of oil is following an increasing curve. It just is going through a little dip now...it happens in markets.

[lil-petunia]

27. W R O N G

Not after todays, two huge explosions destroyed Iraq's ability to send out any oil. Major damage and fires leading to the north (turkey pipelin). The south is still under investigation, but looks like internal sabotage.
Ergo, no boats to be filled.

better fill up today. like NOW

[Fixated]

30. ......

That won't be that big of a hit. The southern one will take ten days to repair, and it's $60 million worth per day. Worse could have happened.

[Mithras61]

28. Yeah, buddy! They declined in MY area from $1.87...

to $1.89! </sarcasm>


Geez, I can't take many more "declines" like that!

[Demobrat]

29. It's early days yet.

The election isn't for 5 months. Hang in there.