Gasoline prices......

[Big Horn Posse]

1.94 today!! Might be able to drive somewhere now.

[mihunter79]

it went down to $1.94, i didnt check sams club and thats usually the best in my town

[NWKemDawg]

1.99 here in W. Montana

[U.R.E.]

OPEC prepares to wage price war
Posted Nov 14 2008, 06:38 AM by Douglas McIntyre Rating: Filed under: Energy, oil, economy
As ironic as it may seem, the finances of OPEC members may be as bad as at any time in recent memory. They have become poor as quickly as they became rich earlier this year.

OPEC obviously expected oil prices to stay above $100 for some length of time. Government budgets in places like Iran and Venezuela depend on high crude. Now they face massive deficits and no way to handle their obligations.

In places including Saudi Arabia and Kuwait parts of the banking systems are strained and the ability of royal families to buy new Hummers and private jets has been hurt.

OPEC has seen an astonishing drop in crude prices catch it unawares. Who would have believed that oil would fall from $147 to $55 in a matter of months. But, economies in the West, India, and China have slowed despite massive stimulus packages in place and planned.

The cartel faces an easy choice. There was a time around summer when driving up crude prices could be blamed for hurting the global economy by increasing the price of gas and fueling inflation. Those issues are hardly relevant at this point.

Now, OPEC has no option but to severely cut supply and little risk of being viewed badly, at least in the early stages of production cut.

To move oil back up would involve a Herculean effort to keep shipments down. Daily exports of crude would probably have to be chopped by two million barrels a day. If that does not work, the number would need to be ratcheted up again.

Cheap oil is not here to stay. OPEC nation's can't afford it and being accused of causing dangerous inflation is no longer a problem.

Top Stocks blogger Douglas A. McIntyre is an editor at 24/7 Wall St.

Related

[jbo24]

Gas is $1.88 in Palatka Florida. When I first started driving I think gas was around $1.25. Wouldn't mind seeing it get to that point again.

I don't know about the rest of you all, but I am still not driving as much as I used to.

Josh

[Chaser]

Josh ...

I see you are from Palatka... do you know Ernie Cramer there. Ive been over a few times with Van to run hogs with Ernie in his hog pens. Hesalso been out here to NM and ran bear with me

Billy

[Calkins]

$1.88

[high desert hounds]

1.97 gallon here in eastern oregon. I was surprised to here slidecreekdan who is in a neighboring county say it was 3.00 gallon over there just goes to show they do what they want.

[duster]

$1.75 in north central MI

[bossman]

1.69 in South Eastern Idaho and haven't checked today, every day we seem to come down more and more.

[Big Horn Posse]

paid 1.65 last night in Sheridan Put 3/4 tank in for 40 dollars!! :D:D

[pete richardson]

about .60c / gal of every gallon of gas is taxes--


1.89 here today

[Ike]

Yup, that is true Pete as somebody has to pay road tax or we wouldn't have any place to drive............

I saw gas for $1.64 out in Salt Lake City last weekend and the lowest place around here is $1.81 I believe...............

[Mike Leonard]

We are still paying about 2.00 a gallon here in one of the oldest and largest gas basins in the US. No nothing makes sense so whatever, I don't burn the stuff anyway I use diesel and hay for my transportation and that is pretty dang high still. Oh well we can always walk I guess. Dang there goes the latest diet fad. Roll ouit Mom its 4AM and you got a five mile walk down there to Wal-Mart, oh tell all them nice folks Howdy for me.Lol!

[wisbearchaser]

all summer training season and kill season was payin close 2 $4 now were payin 1.75 when i put a quarter of the miles on that will figure