You would think with the war efforts and with the pipeline explosions and political conflicts that it would be a better time to RAISE the price of oil.
What could be causing this sudden reduction in gas prices....
Hey wait a minute!
Is it November yet?
2006-10-23 09:31:23 · 14 answers · asked by rabble rouser 6 in News & Events ➔ Current Events
I have been following prices in my area since February and here is my take on it.
A large part of it is that the oil market got very overvalued after last year's hurricane season. This pushed the price of oil up to the mid $60s and all the way up to the upper $70s this summer. Because of this gas prices went up as well. When this summer's hurricane season was practially a no-show, not to mention all of the other potential doom never happened, oil prices plummetted, and gas prices followed.
That is the biggest reason. However, for the past 2 weeks to a month, oil prices have been relatively stable, staying between $58 and $60. During this time, gas prices still continued to drop, even with gas stockpiles getting smaller. This gets us to the second likely possibility, politics. Every gas company has invested a lot of money in Republican political campaign, so much so that one group of investors attempting to create a "Democratic" portfolio couldn't find a single oil company that supported the Democrats more than the Republicans.
That puts politics at a close second to market pressures (possibly first the past several weeks).
2006-10-23 09:48:12 · answer #1 · answered by John J 6 · 1⤊ 0⤋
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2016-11-25 00:49:47 · answer #2 · answered by ? 4 · 0⤊ 0⤋
November 7 is just around the corner, thank your moronic senators and congressman,, their all at their peak.. this is likely all you'll see them doing for the next 4 years. The zombies crawl back into their crypts after then, kinda like bears hibernating!
2006-10-23 19:38:37 · answer #3 · answered by Manatee 5 · 1⤊ 0⤋
Gas prices always decrease during the winter. You are probably only noticing it because of how high they got this summer.
2006-10-23 09:40:45 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I mainly believe because car sells were dropping. Now the everyday average ignorant American can go out and buy that huge 8 cyl SUV.
2006-10-23 09:39:12 · answer #5 · answered by ladyoftherrlake 3 · 1⤊ 1⤋
just to keep us off their back for a little while. where i am it always goes down a little bit around the time kids go back to school
2006-10-23 09:39:12 · answer #6 · answered by kearstinQ 2 · 0⤊ 0⤋
its election time, so bush wants people to think that he is doing a good job with the oil situation, so he will get reelected.
2006-10-23 09:41:41 · answer #7 · answered by nbajxe123 4 · 1⤊ 1⤋
You call this low. Last year, it was around $1.60 in NY area.
2006-10-23 09:40:06 · answer #8 · answered by Anonymous · 1⤊ 0⤋
They are going down because the demand for fuel is going down
2006-10-23 09:39:19 · answer #9 · answered by Anonymous · 1⤊ 1⤋
!!! hey, i wouldn't complain! im glad with the new...and may i add improved gas prices ;)
2006-10-23 09:33:44 · answer #10 · answered by Simon Snipe 3 · 1⤊ 0⤋