Gas prices dropping sharply
They recently saw their biggest weekly drop since 2008, according to AAA.
The national average for a gallon of gas was $3.63 Wednesday, down 2 cents from the day before and 10 cents from a week earlier.
The more impressive drop came on Monday, when the price had fallen 12 cents in a week to $3.67. That was the biggest weekly drop since 2008, according to AAA's daily fuel gauge report.
President Barack Obama may find reason to celebrate. AAA thinks the average price per gallon will fall to between $3.40 and $3.50 when voters head to the polls on Nov. 6. By Thanksgiving, prices could fall even more, to between $3.25 and $3.40.
Is Obama pulling the strings behind the price drop? Probably not the Los Angeles Times writes. Crude oil is a global commodity, and the markets have much more influence on the price than the commander in chief. "Indeed, there seem to be very few tools in the presidential woodshed that can hammer down gas prices with any predictability or long-lasting effect," Ken Bensinger writes. "But presidents are almost always put on a very public hook when gas prices are judged to be high."
So what's the reason for the price drop? Falling oil prices and more supply as refineries are coming back online. In addition, refiners are using cheaper winter blends, according to The Associated Press. And people are starting to drive less this time of year.
Still, the AP notes, gas remains very expensive, more so than it's ever been at this time of year. Last year, for example, gas was $3.46 per gallon at the same time.
And though we all may breathe a little easier at the pump, the falling price of gas is still alarming because it reflects broad concerns about the state of the world's economy.
More from Top Stocks
- IPhone, iPad will guide Apple's earnings
- Microsoft's Surface a worthy iPad rival?
- New MacBook lost in iPad shuffle
All businesses carry insurances to cover accidents and cause and effect insurance when things don't go right. Especially those disruptions to the business that don't fall under acts of war or acts of God.
That said, why is it that when a refinery has an accident, whether it's a loss or damage of equipment, materials, down time for repairs or in some cases the loss of a life(which its insurance also covers the deceased's family).
Is not all of this covered by their insurances or is it just the standard operating policy of the industry to double dip the finances of the nation by collecting on their insurance policies and also having the public pay for their misfortunes at an even higher amount of revenue to line their profit pockets.
God knows that they all make enough money to have even Lloyd s of London create any worded policy to cover any loss ten times over.
I just don't get it.
Would someone give an answer that will make sense to not only me but to all of us who are tired of being bullied by the gas and oil producers of our beloved nation.
Maybe folks are just driving less because they have another bad habit called eating.
Throw in supply side economics with refiners having to sit on unused product and naturally the price is going to come down. With big oil and gasoline having already bilked consumers with multi billion dollar profits for the last year or two, they can more than afford a drop in the prices.
But now that our economy has been raped to death it might be too little too late and big oil can now choke on it to the point of bankruptcy for all I care. I guess they never thought about every consumer product being tied to the price of a gallon of fuel. Not to mention every other company looking for other ways to boost their net profits, like shipping jobs to China and using slave labor to keep their profit margins up. All at the expense of the American labor force.
So one must wonder how long it will be before Wall Street and the big Banksters see their dreams of Avarice come crashing down around their ears. Will they be able to face their disappointed families when they have to tell them no new cars this year for mommy and the teens, or no vacations to the Swiss Alps or Monaco. I say to those that hoard their millions in offshore accounts...
Does it help you in any way by not putting that money back into circulation? Or are so afraid that Joe Average is going to come calling at your country club looking to become a member that you would rather run him broke?
So, why are these reporters stating the obvious. Of course prices are dropping! Duh. Why don't they report on the scumbags controlling these prices? Do they really expect us to believe that "it's the markets" dictating these prices, as if the markets were these self-running entities? It's really annoying to hear that "gas is going up" or "gas is going down" as if we are too stupid to realize that. Why don't they report something like this, "Petroleum company executives indicted for manipulating oil and gas markets". One other point, why doesn't anyone ask why we Americans get charged world rates for gas that was created with petroleum drilled on American land? Why are we getting screwed with our own product? Why is the governemt allowing this? And how is more drilling in the US going to bring prices down if the news and politicians claim that the "markets dictate the price of gas and oil"? I can see how oil drilled in those terrorist countries cost so much, but own own oil? Really?
Oh, and these petrol companies DO NOT NEED ANY governemnt subsidies WHATSOEVER. Don't we get screwed enough by these basterds.
Gas prices go down $.02 cents then go up $.20 cents or more, we are the only reason gas prices are so expensive there's no really need to continue WASTING our money in gasoline. If people would stop being so lazy and star walking and/or riding bycicles to do their local errands this gas prices increase will have no affect in our economy, instead of wasting money on gasoline you/we could use that money for more important things.
Please, Gas was nearly 4 dollars when Bush was in office. Get a damn clue!!
high gas jprices are falling because of the new oil wells in MINOT & BISMARK NORTH DAKOTA.. THE ONE WELL NAMED BRAKKEN PRODUCES MORE OIL TODAY THAN ALL OF SAUDI ARABIA... Mobil Oil just purchased the well for over 50 BILLION... you can go to the LEADER TELEGRAM NEWSPAPER IN EAU CLAIRE, WI ON 10/22-2012 for the full story..
Saudia Arabia pays less than .25 per gallon.. where is our drop i AM NOT TALKING ABOUT A FEW CENTS i AM TALKING ABOUT DOLLARS.....
Look up the BRAKKEN OIL IN MINOT.. It is time to put a stop to the HIGH gas prices..
We are mining sand for the wells... They are putting in railroad tracks all over WISCONSIN to haul the sand to drill.
They are paying well over 100.00 per hour for the workers at the well.
CHECK THIS OUT AMERICA THIS IS FOR REAL....
LET ME TELL YOU THIS HAS NOTHING TO DO WITH THE PRESIDENT, this well has already being sent to the west coast, they have lines already built direct to the west coast.
Don't worry the prices will be go up again. They are just playing with us. The oil companies made record profits so it's time to show some charity to the common folk by lowering prices. Big oil runs a a crooked monopoly, they are allowed to manipulate prices, supply and ship most of it overseas. The economists tells us that their is record oil production occuring in this country. If that is the case, then why isn't gas dropping below $2.00 a gallon? Big oil has this nation with a rope around it's neck. Anytime they want to jerk us around they just pull on that rope!
You mean we dont have to go into Mexico to buy Gas anymore?
This has been going on since I was a Kid Gas dropping right before election time.. If you think the President doesnt have some kind of influence on this, I have some money trees to sell you.
When in Tulsa on 10/20/12, noticed that gas prices for regular in most stations was 3.09 and some were lower and some higher. Seems that most of the county is getting ripped off..
...and right after the election they will be right back where they were last week if Obama get's re-elected. Gas prices will never go down to what they were when he took office. He has pretty much said that energy prices will be going up. He wants them to go up. He didn't approve the entire Keystone pipeline, coal plants are being regulated out of business. He has said these things out loud! When will people start believing him? He does NOT have Americans best interest at heart. We need to show him exactly what we think of him in 2 weeks by voting him out! Besides who wants a president when Hugo Chavez, Fidel Castro and Putin of Russia are backing him. Doesn't that tell you everything you need to know?
Copyright © 2013 Microsoft. All rights reserved.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.