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The price of oil down, even with labor day.....I've never seen such a thing.
Usually with a hurricane headed for the gulf....the price of oil goes up several days before, and keeps rising even after it's gone.....what happened?
For the last several weeks the price of oil has gone down....what the heck could it be.......supply and demand....if you believe that, then I've got a bridge to sell you..........could it be Nov 4th election?....think about, which party would that benefit? Shows me that the currant administration, definetly has a "you scratch my back, I'll scratch your back" relationship with big oil......JMHO...... ....no heated arguement intended....just want to hear your unbiased opinion....I've always split my ticket, and voted for who I believed was the best person.....

Most of the reason why oil is dropping on the world market is that the US dollar is gaining strength in world markets. When that happens we as Americans get more buying power. Supply and demand has changed very little during the period you mention. Cheers.

Just this past Wednesday, I made a spur of the moment decision and drove from Chicago to Cleveland to catch a White Sox game on the road. Gas prices here in Chi Town are still over $4, but I saw gas prices as low as $3.34 at several stations between the two cities. I know Chicago taxes are high, and they have some goofy summer formulation for gas, but come on. I'm waiting for them to drop here and I ain't seein it yet.

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I guess I’m pretty fortunate that I don’t drive that much.

I put less than 35,000 miles on my car in the last twelve months.

I am glad to see it going down, though; I know the cost is reflected in more than just what I pay at the pump, and I certainly empathize with those whom it is hurting.

I was more concerned about natural gas prices ‘round here, there were rumors of it doubling, but I got a locked-in price if just a little higher than I paid last year, so I feel a little better.

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In London, I pay average of $8.85/gallon and that's currently against a strong dollar.
My old Ford Mondeo (Taurus) Estate (station wagon?) 1.8 Litre costs me equivalent of around $70-$80/week to run. Natural gas price companies like British gas, all just raised their prices by 35%.

Glad I gave up the fags (cigarettes, I learned that very quickly during my first visit), they were killing me every which way!
I know a lot of it is supposed to be relative, apparently we Brits make more money. I just wish someone would tell me where mine is!

I'm glad for you too. Them there fags will indeed kill you.

Well, its been 5 years now so I reckon I've saved at least enough by now to run the lawn mower.

My point being, the November Presidential election is bringing it down....

Do yuo actually believe a US election can bring down the price of oil? Surely you jest. Oil is a world commodity. Now if the oil went down in the US only, while staying the same or going up in the rest of the world, then a "comspiracy" could be warranted. Oil has always yo-yoed in price and always will, election or not.

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Oil is a world commodity, controlled by few. I'm not bragging, though we don't have the money, or the resources to back it up, we are still the #1 World Leader....can't explain it, don't want to be it, just the way it is. The current US administration has powerfull friends in Big Oil, and it's in both their best interests to keep it that way. Just my opinion, but shared by many....it's only a conspiracy, if you can prove it.

Now with prices by me being $2.65 a gallon, and other places a bit higher....why is it $1.99 or lower in Ohio......

It is commonly known as a monopoly with strong lobbyists in Washington. Same with the drug industry and health insurance. Supply and demand does not pertain to an essential product. In other words they have you over the barrel and sticking it to you.

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I think it is odd too. I don't buy into the reason being supply and demand either. I do know gas is higher here in Chicago because of local and state taxes. Our local and state taxes are higher than any other area.

Maybe it is a combination of all above.

The US dollar is getting stronger which I do think helps. Increased demand for US stocks means an increased demand for the US Dollar. With other countries finding themselves in the same situation economically as us, our money is looking more attractive.

The only way I believe the election maybe helping is the fact that other countries are trusting that a new president will be elected and that makes them put more trust in the US as a whole. Which again strengthens our stock market.

Really it seems everything stems back to the stock market itself.

I found this article interesting. Explaining how the hurricanes affected the price of gas. http://money.cnn.com/2008/10/07/news/ec ... 2008100705

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I've seen that comming for a long time. People blame the current adminstration and their party for high gas prices, so high gas prices would be a negative against a Republican candidate. Anyone that doesn't think this administartion isn't owed a favor or two from the oil companies, hasn't a clue.....and as we know Ohio is one state that McCain can't afford to lose.......

I live in NKy about 25 minutes from Cincinnati. Ohio will go to Obama, McCain has alienated most of the supporters he had there with his choice of Sarah Palin.

Where I live gas is at $2.25/gallon but across the river you can travel up to Fairfield and, like Johnny said, gas has tipped below the $2 mark several places. Ohio uses a different blend of gasoline than Ky therefore the cheaper prices. I'm not complaining though, that price is a huge relief!

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$2.74 gas at Costco..

$2.63 here at a local station. I thought perhaps I needed to visit the local Lens Crafters when I saw the prices dip below 3 bucks a gallon.

Actually, the opposite seems true... as the DOW increases, the value of the US dollar appears to decrease and as the DOW drops, the US$ gains strength. I perceive this to be at least in part due to the increased demand for $ as investors convert their stocks to cash. This seems to be having a double-damning effect on the Candian $ as it's US$ cross-rate has dropped from last year's oil-driven high of $1.10 to the current $0.78.

Has anyone noticed if the airlines that introduced add-ons (such as charging for 2nd checked baggage), citing increased fuel costs, have now removed those extra charges? My guess is they are quietly reaping the benefit of a nonchalant public, hoping their customers don't notice. Of course, had the airlines merely increased the value of the "fuel surcharge" when oil prices were high, then it would be all too obvious that this surcharge did not also drop along with the decline in oil prices.

thats what we have been paying per litre Sheree

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as the price of Crude Oil goes down, so too does the price per gallon/liter (litre). It takes a bit longer to spread out from the midwest (speaking ONLY of the USA, I have no idea how it works in the UK, New Zealand, etc).

And as it's been pointed out, with Ethanol in some of our cheaper fuels, the prices also go down.

But it's an illusion.

First of all, they're selling Ethanol wayyyy cheaper than it costs to make it. If they priced it at what it cost or even a profit, the gas companies wouldn't be able to sell this "new fangled" fuel on us. We'd never want it!

Secondly, once the recession fears diminish, the price with SKYROCKET back to where it is.

Thirdly, Oil is the ONLY thing in the commodities that is going cheap. Everything else is going UP as everyone's afraid of the recession.

I couldn't BELIEVE the prices of poultry and cereal in the grocery store! OY!