"Demand just isn't there," says Brian Milne of energy tracker Televent DTN, noting an Energy Department report that demand for fuel over the past four weeks has fallen 5% below year-ago levels. "It's been dreadful."

Now THAT is interesting. Is the suggestion that people just don't drive as much anymore? Or am I missing something? Because that would be great news for urban planning and public transportation.

Saw $2.98 a gallon in Taunton, MA last weekend...

keylock71: Saw $2.98 a gallon in Taunton, MA last weekend...

Yeah even premium is getting close to $3.50 in the city

You know, most people with an IQ higher than room temperature understand that oil prices are driven by oil speculators, and oil speculators, one would assume, would generally be Mitt Romney's base, so I doubt this very much.

They'll just say Obama had the ability to lower it all along but is only doing it now for political reasons.

Jackson Herring: keylock71: Saw $2.98 a gallon in Taunton, MA last weekend...

Yeah even premium is getting close to $3.50 in the city

Premium! Easy there, Rockefeller... : )

keylock71: Saw $2.98 a gallon in Taunton, MA last weekend...

I thought Massachusetts smelled bad... on the outside.

what_now: You know, most people with an IQ higher than room temperature understand that oil prices are driven by oil speculators, and oil speculators, one would assume, would generally be Mitt Romney's base, so I doubt this very much.

"Nobody ever went broke underestimating the intelligence of the American people" - H.L. Mencken

Aarontology: keylock71: Saw $2.98 a gallon in Taunton, MA last weekend...

I thought Massachusetts smelled bad... on the outside.


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Jesus Christ, Fox News is shameless...

Aarontology: [grist.files.wordpress.com image 387x290]

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Are you farking kidding me? Christ.

At least nobody watches Fox Biz.

(Personally, I think a sharp, sustained rise in gas prices COULD be good if it spurs investment in wind and solar power. But that's a topic for another time.)

what_now: You know, most people with an IQ higher than room temperature understand that oil prices are driven by oil speculators, and oil speculators, one would assume, would generally be Mitt Romney's base, so I doubt this very much.

They like Romney, but they like money more. So if they feel oil is a loser, they will sell.

The answer is that they are expecting a big GOP victory so the oil people feel they can lower prices because of an increase in supply.

what_now: You know, most people with an IQ higher than room temperature understand that oil prices are driven by oil speculators, and oil speculators, one would assume, would generally be Mitt Romney's base, so I doubt this very much.

I swear I heard a blurb on the news a while ago that the Obama administration was going to look into the activities of oil speculators to see if they are doing anything illegal.

Lo and behold, gas prices started going down right after that. Odd.

FishyFred: Now THAT is interesting. Is the suggestion that people just don't drive as much anymore? Or am I missing something? Because that would be great news for urban planning and public transportation.

US demand for gasoline has been dropping since the recession hit.

keylock71: Jesus Christ, Fox News is shameless...

FishyFred: Are you farking kidding me? Christ.

Those aren't recent, they're just what I could find with a quick GIS.

Still, they'll try to spin it (if it happens) as a bad thing.

Aarontology: Those aren't recent, they're just what I could find with a quick GIS.

Depends on how you define recent. Those clips aired in May.

Fark is calling this link unfetchable, but it loads. http://mediamatters.org/blog/201205090 010

Why Saudi Arabia wants to bathe the world in affordable oil

The Coming Oil Crash
Good news! Gas prices could go down to $2 a gallon by autumn -- and that's bad news for Vladimir Putin

To the degree that such fire-sale prices are long-lived, they could cause mayhem among petro-rulers. While Verleger thinks that the Saudis can maneuver prices back up when they want, the very nature of a crash demonstrates that markets can be uncontrollable. But the Saudis are willing to suffer the consequences, knowing that their own financial reserves (some $700 billion) give them staying power. "The Saudis are able to look at the long term," Phil Flynn, an analyst with Pricing Futures Group, told me.

Citigroup's Morse thinks that prices can fall further from where they are now, but not as low as Verleger forecasts because, he told me, today's market conditions are different from 2008 -- the decline in demand is not as steep, and inventories are not as large. Morse calculates that Brent can fall into the $70s-per-barrel range and U.S.-traded oil into the $60s-a-barrel range. "There is a good chance Saudi Arabia continues to produce enough to force [a rise in oil inventories]. And there's a good chance, between Europe and China, that demand growth could come to a halt," Morse said. OPEC might respond by reducing production, but its actions would be late. "Add to the scenario no more supply disruptions (or only modest ones) and no military conflict involving Iran," Morse said, "and prices could fall another $20 a barrel fairly easily."

Low oil prices can have serious social impacts simply because, with less free cash, people tend to start more closely scrutinizing their surroundings -- and when they become unhappy with what they see, they start looking for a scapegoat. The conditions that led to the string of Arab Spring ousters were not so much the lack of democracy as widespread public dissatisfaction with personal economic prospects. Analysts see similar vulnerabilities for the rulers of Iran, Russia, and Venezuela; when Venezuelan President Hugo Chávez can no longer milk the state oil company for public payouts, for instance, his political support could be in jeopardy.

Winning: They'll just say Obama had the ability to lower it all along but is only doing it now for political reasons.

Winning winnar.

what_now: You know, most people with an IQ higher than room temperature understand that oil prices are driven by oil speculators, and oil speculators, one would assume, would generally be Mitt Romney's base, so I doubt this very much.

I suspect oil speculators and others involved with the Petroleum industry are covering their bases by investing in both major American parties. They certainly have the money to do. Why only seek influence with one party?

what_now: You know, most people with an IQ higher than room temperature understand that oil prices are driven by oil speculators

True, but we're not talking about most people - we're talking about Americans.

Dusk-You-n-Me: Aarontology: Those aren't recent, they're just what I could find with a quick GIS.

Depends on how you define recent. Those clips aired in May.

Fark is calling this link unfetchable, but it loads. http://mediamatters.org/blog/201205090 010

Well, for this I defined recent as within the last week or two so it wouldn't seem those screenshots were them talking about this latest gas price downturn.

I'm sure it will fall to $3.50/gallon in Illinois by autumn, subby. We have the stupidest gas prices in the country.

/filled up at $3.65/gal the other day
//then I heard it was $3.30/gal in Wisconsin, which is a short drive from me
///short enough to definitely be worth the ~30 cent difference

Pretty soon they're going to run out of things to hate him for.

Oh, wait. He'll always be black.

Winning: They'll just say Obama had the ability to lower it all along but is only doing it now for political reasons.

That's what my republican Facebook friends are saying.

Krymson Tyde: Winning: They'll just say Obama had the ability to lower it all along but is only doing it now for political reasons.

That's what my republican Facebook friends are saying.

You need a better class of friends ;-)

Winning: They'll just say Obama had the ability to lower it all along but is only doing it now for political reasons.

THAT would actually be consistent with how they initially blamed him for higher gas prices. I don't expect that sort of consistency from Republicans, and I certainly don't expect them to give him credit for anything. I predict the Republicans will avoid the subject, OR, if anyone tries to give him credit for lower prices they will insist that the President has no control over them, because f*ck all that footage of us saying the exact opposite when it was to our advantage.

Winning: They'll just say Obama had the ability to lower it all along but is only doing it now for political reasons.

I've heard that derpage as well. I do like the logical conclusions of that argument.

If the President CAN influence the price of gas for political reasons, then President Bush did so (when prices for gasoline started falling in late August 2004).

If the President CAN'T influence the price of gas for political reasons (As per the Bush administration's claims), then President Obama is bound by that same rule because the President is only one man and not representative of the economy as a whole.

And, if Republican Presidents cannot while SuperUltraMegaEvilCommieLiberal Presidents can, wouldn't that be MORE incentive for the American people to support a second term for President Obama, since he can provide cheap gas?

/The echo chamber meets cognitive dissonance

Aarontology: keylock71: Saw $2.98 a gallon in Taunton, MA last weekend...

I thought Massachusetts smelled bad... on the outside.


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FishyFred: (Personally, I think a sharp, sustained rise in gas prices COULD be good if it spurs investment in wind and solar power. But that's a topic for another time.)

Apparently you're qualified to be Energy Secretary in this Administration.

I paid $3.29 in Middletown, DE last Sunday (passing through). It was 3.43 here in western montgomery county (pa) yesterday... haven't been out today.

If it is below $3.00/gallon, Obama wins. Period. That being said I ditched the Trailblazer for a KIA Rio this year and the a Forte. We pay one payment just with fuel savings. We're doing our part.

ShawnDoc: US demand for gasoline has been dropping since the recession hit.

And while lower gas prices might help Obama a little, they won't be a big determinant in the election if the economy is still in the dumper. It doesn't matter how low they go, if you don't have a job you can't buy gas at any price.

Plus, one quick panic in the Middle East and they're back up high again.

globalwarmingpraiser: If it is below $3.00/gallon, Obama wins.

I had no idea that gas prices were the sole determinant of US elections. You must work for the Bureau of Pulling Statistics Out of Your Ass. And no, I won't shake your hand. Yech.

Probably a combination of people buying vehicles with increased fuel efficiency and the global recession causing a fall in the global demand for oil. One is good, one is bad, we still need to start looking into more renewable ways of heating and cooling our buildings and transporting things. How it effects Obama is a question for people that think such things can be controlled by a single administration.

Gas was $1.84/gallon when Obama took office. So a 60% net increase is a win, because it had been higher at some earlier point in his Presidency? Ooookaaaay.....

Aarontology: keylock71: Saw $2.98 a gallon in Taunton, MA last weekend...

I thought Massachusetts smelled bad... on the outside.


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Holy Christ, I thought it was just sarcasm, I didn't realize that the GOP was peddling that particular brands of goods for reals...

keylock71: Saw $2.98 a gallon in Taunton, MA last weekend...

Gabrielle's Exxon?

301 in arkansas

so does this mean the republican liars are going to spout on about Obama causing gas prices to go down because they sure whined about his causing it to go up.

FWD:FWD:FWD:FWD: Obummer's gas conspiracy...
That monster 9bama knows NO Shame!!1

I see the recovery continues. I don't know how much more recovery we can take.

Galloping Galoshes: globalwarmingpraiser: If it is below $3.00/gallon, Obama wins.

I had no idea that gas prices were the sole determinant of US elections. You must work for the Bureau of Pulling Statistics Out of Your Ass. And no, I won't shake your hand. Yech.

Gas prices are something individuals look at. Think about it to as a major trending indicator.

Garet Garrett: Gas was $1.84/gallon when Obama took office. So a 60% net increase is a win, because it had been higher at some earlier point in his Presidency? Ooookaaaay.....

And a major Outlier on prices. Not indicative.

Garet Garrett: Gas was $1.84/gallon when Obama took office. So a 60% net increase is a win, because it had been higher at some earlier point in his Presidency? Ooookaaaay.....

If Americans could rember four years ago Obama would be beating Romney by 20% +

Galloping Galoshes: Plus, one quick panic in the Middle East and they're back up high again.

Like this? Syria shoots down Turkish fighter

Wait, wait, we're a next oil exporter now! Cheap gas is bad for America!

/sarcasm

Winning: They'll just say Obama had the ability to lower it all along but is only doing it now for political reasons.

He is doing it so that people will buy inefficient cars and then he'll jack the price back up to spite them.

If you don't have a job, it doesn't really how much gas costs.

besides, I thought 0bama could do nothing about gas prices?

If he could, they are still way higher than when he entered office.

Garet Garrett: Gas was $1.84/gallon when Obama took office. So a 60% net increase is a win, because it had been higher at some earlier point in his Presidency? Ooookaaaay.....

Me, I just don't attach the price of gas to a President because it is farking stupid.

Not if the Republicans can help it!

Garet Garrett: Gas was $1.84/gallon when Obama took office. So a 60% net increase is a win, because it had been higher at some earlier point in his Presidency? Ooookaaaay.....

Gas was $4 a gallon at this point in 2008, and only dropped because of the near global financial collapse. But you knew that, right?