Gas is down to $3.39 ....

[Ezliving_Jim]

... and sales track and trend at the salon are up over last September.

Knock on wood.

[Beach Bum]

yesterday our gas jumped from 3.69 to 3.89

[solarmeter®]

Here too. That is PURE gouging by the local stations. Hurricane scare. Wholesale gas fell to $2.60 on CNBC today - but the stations refused to go back to $3.39. I am boycotting their asses until they do.

[Woodlands]

Originally Posted by Beach Bum

yesterday our gas jumped from 3.69 to 3.89

$3.69 to $3.79 here

This is a small town - the cost of gas thankfully hasn't affected things since you can drive 10 miles from end to end. Now I'm starting to get the "cruise" customers who want a base tan and putting in an ad next week for the homecoming queens to tan until homecoming for a special rate.

[northtanman]

$3.99 in northern michigan...but sams club yesterday was $3.69. they will join the $3.99 today. fortunately they are always a day late when it rise's.

[Alan @ TanToday]

Dont be fooled - Gas aint going down, long term. 5 cents down one week, 10 cents up the next week, repeat. Thats the cycle we have been on for over 2 years. In the end, you always pay more. ALWAYS!

[SBT 501]

As long as Ike doesn't disrupt the supplies in the gulf, oil and gas prices will continue to fall until this winter. I paid 3.17 on Monday of course that with 10% ethanol.

[navigatin1]

Seeing as Opec just cut production by 500,000 barrels a day, gas is gonna go back up again.

Why we don't nuke that place, pave it, and make it a parking lot, I have no idea!

[SBT 501]

When oil hit $140 a barrel OPEC increased production by 500,000 barrels it did not impact prices. As long as the dollar continues to strengthen against the euro oil will continue to fall unless Ike disrupts production.

Oil has had about a 9 year run everything goes in cycles. In 1999 a barrel of oil was $9. We probably will not ever see that again but oil will continue to fall. Europe is just getting hit with the economic downturn and oil prices are going up for them since the dollar is starting to kick the euros a$$. Their consumption of oil will drop just as ours has in the last year.

[Alan @ TanToday]

Europe???

Please, oil prices are high because of huge demand from the US, China and India. Until China and India's consumption slows, and it isnt, the world will continue to see higher gas prices.

[InternationalTan]

I think SBT 501s point is that China and India where buying so much oil bc the dollar was so weak and it was cheap for them which is why prices where so high. Now that the dollar is strengthening oil prices will go down, i agree with that.

[SBT 501]

In the US last year oil consumption actually dropped. China has decreased the subsidy of oil which in turn increases the price to the end user which as we all know usually curbs usage. In addition the economy in China is starting to slow. Oil Imports for China in July were at there lowest level since Dec. 2007. So their consumption is also dropping.

[Alan @ TanToday]

They were buying so much oil because they needed that much oil. Its simple supply-demand with a little speculation in as well. Everyone wants it, supply is constant, the Price Increases. Supply is Constant, Demand goes down, Price Decreases.

Do you really think the Chinese buys oil in US Dollars? They buy oil in Yuan, their currency.

[SBT 501]

Oil is traded in US dollars.

[Alan @ TanToday]

They buy oil in Yuan, their currency.

They arent buying oil to stock up on or because the American dollar was weaker then their currency at the time. They consume oil because they need it. Just like us, just like India, just like the rest of the Modern world.

Until we shift the energy source for our vehicles, power plants, etc off of petro based fuels, we are screwed and fuel prices will keep climbing.

US consumption went down the last year while price jumped up over $1.50. Why? Mainly because other developing countries took up the slack and wanted even more.

[Ezliving_Jim]

Drill. Drill. Drill!!!

[SBT 501]

Why did the price jump because the dollar had no value. When the dollar is weak investors buy commodities gold and oil. Why has the price of oil dropped $30 a barrel in the last 60 days??

[Alan @ TanToday]

Because we are now after Labor Day where consumption of gasoline in the USA goes down because families have reigned in their vacation travels.

Simple supply and demand. Obviously the strenthening of the US dollars helps lower that price of oil but mostly, its because demand went down.

You are arguing S&D with a guy with an ECON degree. I have researched fuel prices and their seasonal price surges while in college, more than you would care to know. LOL!

[SBT 501]

Alan I'm just giving you sh$t. I don't believe there was this huge demand this summer to warrant the run up of oil. I think we are seeing a correction in price due to the fact that there never was a shortage of oil. The fact of the dollar becoming stronger doesn't hurt either.

[Alan @ TanToday]

The run up wasnt USA dominated like it usually is. The fact of the matter is we have cheap gas here in the Good Ol' USA. I know thats a tough pill to swallow but other countries pay a much higher % of total income due to their fuel being $4-9 per gallon. Its crazy but when you think about it, we have cheap gas in relation to the world.

But, as Americans, we dont think about the world, we think WE ARE the world. LOL!