Below The Beltway

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The Upside Of A Down Economy

by @ 7:03 am on November 12, 2008. Filed under Economics, Gas Prices, Oil Prices

Thanks largely to a decline in economic activity worldwide, oil and gas prices are continuing to fall:

HOUSTON — Retail gasoline prices dipped for a 17th week since July 4, falling below $2 a gallon in a number of states and approaching $1.50 at some service stations. The price of crude fell again too, hitting a 20-month low.

(…)

Retail gasoline prices fell overnight to a national average of $2.22 a gallon, dragged down by the falling price of crude, which now costs 60 percent less per barrel than it did in mid-July. The average price for regular unleaded gasoline has fallen nearly 32 percent in the last month.

Light, sweet crude for December delivery fell $3.08 to settle at $59.33 a barrel on the New York Mercantile Exchange, the lowest closing price since March 2007. After the market closed, crude tumbled briefly to $54.92 in electronic trading, a price not seen since January 2007.

The latest decline comes two days ahead of a report from the International Energy Agency, which some analysts expect will cut its 2009 oil demand forecast for the third consecutive month.

In our area, prices are below $ 2.00/gallon at several stations and continuing to fall.

I don’t expect it to last, but I’m enjoying it while it does.

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