Read what is happening with gas prices and what predictions are coming.
Wednesday, October 22, 2008
Gas Prices Heading Downward..... for now.
Read what is happening with gas prices and what predictions are coming.
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11 comments:
Gas prices are falling well beyond what anyone had expected. With the inflation rate decreasing, the stronger dollar has forced the gas prices to drop. The OPEC cuts have been an addition to the lowering of oil which dramatically affects the stock market now. I don't believe that oils prices will stay this low for long. However, the drop came just in time for the winter season.
In a way, I see this as a good thing, but I also see it as a bad thing. OPEC is probably going to cut production so that the price of a barral of oil does not drop any lower. I did not expect this major drop in oil. Just a month ago, we were just about $140 a barral. We have cut that in half. OPEC executives do not want to lose money, so they will continue to cut production which will lead to higher gas prices. Im enjoying it while its low.
I am very glad to see that gas prices are dropping, but this also means that most likely sometime they will rise again. It is hard to say when they will rise but think it will be soon, and like Hannah said it is just in time for winter season.
yay!! gas is decreasing. finally. i think this is great because before most people could barely get around. but wait i thought that the gas prices was going to start increasing again :[
i hope not
OPEC may continue to cut production which will cause gas prices to jump back up. We have already cut the price of oil in half so the oil companys don't want to lose any more money so the gas prices will be up soon again I'm sure. Right now though, the recession rate is lowering which makes the dollar stronger causing gas prices to drop.
Oil has dropped over 50% since July, which makes me think that speculators drove up the price of oil more than supply and demand. Even though OPEC will cut production, I don't think they will hike it back up to $140. They saw how much harm high oil prices do to the economy, and they do not want that to happen again. I think we will steady at about $2.50-$3.00 a gallon now with this production cut
The iflation and such has been going up for awile now, and due to the need for it to start going down, the oil prices are returning back to normal. I don't really see this as a bad thing. Although this is a relief to those who are having financial difficulties, sadly, it won't last.
It's a huge relief that the gas prices have dropped as much as they have. My mother has to drive to Cincinnati every day for work and she has saved a significant amount of money. I just hope it remains the same so we can really have a Merry Christmas. =)
A drop in oil is most definitely a good thing but, there is also a downfall and that is, with the drop in oil that means the other parts of the economy are failing. It is near winter season which oil usually drops a little bit anyhow. I dont think the prices will sky rocket back up but i dont think it would have ever been this cheap without the stock market crash which we all know is horrible for economy!
personally, i love that gas prices are low. but im sure the gas companies are not happy about it. OPEC will probably cut production so they dont lose more money... and gas prices will go back up :[
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