Thursday, December 04, 2008

$1.99/Gallon

Just got back from the market and regular unleaded gas has dropped below $2/gallon. Sure, I like cheap fuel, but this price just boggles my mind. Milk, produced locally, is about $4/gallon. For gas, oil is pumped from the ground on the other side of the world after the exorbitant costs of exploration, drilling, pipeline construction, etc. Then it is shipped around the world to another huge multibillion dollar installation where it is refined. Then it is trucked to the individual gas stations where the local folks have to make some money, too. It really is amazing.

In the news today:

Oil tumbled below $44 a barrel Thursday and average gasoline prices slipped under $1.80 a gallon, both four year lows, as unemployment benefit claims hit a 26-year high and major companies announced more job cuts.
Ahmadinejad is crying that the low prices are weakening the Iranian economy. If there is any way to remove him and the mullahs from power, an uprising of the population from economic problems is it.

I wonder if the price of gasoline is going to fall any further? I hope it translates over to heating oil as well. Not just for us, but for all the elderly folks here in the great Northeast on a budget.

5 comments:

Mom said...

I paid $1.56/gallon this week. It was 2006 last time it was that low here.

bigislandjeepguy said...

I was freaking out that at Costco here on island it was $2.13/gal. Freaking out in a GOOD way.

We were hovering a little less than $5 there for awhile. Yes.

ArichNY said...

$1.75 near where I work.

Jodi said...

I paid $1.63 yesterday. I couldn't believe it!

romach said...

The prices over here were through the roof for a a long time. Some have started to slash prices a little because of the cuts in interest rates etc. I think this will be remembered as the Christmas that everybody was afraid to spend any money