Nbadan
08-30-2006, 05:31 PM
On the heals of record profits by Greenley and other oil execs...
Gasoline prices are falling fast and could keep dropping for months.
"The only place they have to go is down," says Fred Rozell, gasoline analyst at the Oil Price Information Service (OPIS). "We'll be closer to $2 than $3 come Thanksgiving."
Travel organization AAA foresees prices 10 cents a gallon lower by the end of next week. It reported a nationwide average of $2.84 Tuesday, the lowest since April 20.
It's good news for consumers and the economy. Continued lower prices "may act like a tax cut" and stimulate spending, says Richard DeKaser, chief economist at National City in Cleveland. He calculates that higher energy prices the first six months cut growth of consumer spending 1 percentage point.
<snip>
OPIS' Rozell figures prices will jump again next spring.
The article attributes the drop to End of Summer, Sluggish Demand, and Petroleum Traders selling their holdings. Yeah right, I attibute it to the oil companies running scared that their patron-saint GOP shills may be kicked out of office in Nov if the voters continue to be sucked dry of cash.
Gasoline prices are falling fast and could keep dropping for months.
"The only place they have to go is down," says Fred Rozell, gasoline analyst at the Oil Price Information Service (OPIS). "We'll be closer to $2 than $3 come Thanksgiving."
Travel organization AAA foresees prices 10 cents a gallon lower by the end of next week. It reported a nationwide average of $2.84 Tuesday, the lowest since April 20.
It's good news for consumers and the economy. Continued lower prices "may act like a tax cut" and stimulate spending, says Richard DeKaser, chief economist at National City in Cleveland. He calculates that higher energy prices the first six months cut growth of consumer spending 1 percentage point.
<snip>
OPIS' Rozell figures prices will jump again next spring.
The article attributes the drop to End of Summer, Sluggish Demand, and Petroleum Traders selling their holdings. Yeah right, I attibute it to the oil companies running scared that their patron-saint GOP shills may be kicked out of office in Nov if the voters continue to be sucked dry of cash.