$4 gas a thing of the past, at least for now

[phantom power]

Economy starts to grow --> fuel prices spike --> economy slows --> fuel prices retreat --> ...

Hmmm...

Four-dollar gas is quickly becoming a thing of the past, but not before siphoning billions from consumers and forcing the economy into low gear.

After topping $4 a gallon in 17 states and threatening to surpass the all-time record of $4.11, reached in July 2008, regular-grade gasoline now averages $3.69. That's 29 cents below May's $3.98 high. Gas prices now average $4 only in Hawaii, Connecticut and Illinois and $4.24 in Alaska.

The slide in prices — linked to rising inventories and soft demand — could continue through summer, soothing fragile consumer sentiment and potentially boosting the sluggish economy.

http://www.usatoday.com/money/industries/energy/2011-06-14-gas-prices-slide-4-gallon_n.htm

[Sarah Ibarruri]

1. The oil corporations are no different from any other corporation

Thieves if not closely watched and regulated.

In the case of oil, this industry should be regulated in the same way all utilities are. I don't GET IT why they aren't. Electricity is, and we depend on oil probably more.

[BeFree]

2. Sliding down

See, Obama will be seen as decreasing gas prices and get re-elected.

In the meantime, the oil companies will have made record profits.

And once again the looming problem is ignored.

America: Land of the free and home of the brave.
Meaning: Free to ignore the problems and brave to ignore the theft.

[Mojorabbit]

3. It seems to me that one huge riot

in Saudi Arabia would be enough to get it soaring again.

[ProgressiveProfessor]

4. Maybe where you are...

[Andy823]

5. I am not holding my breath!

The whole rise of oil is about one thing, GREED! Those who have the power to manipulate prices will keep on doing so as long as they think they can make huge profits! It's all a game of getting prices high, selling and taking their profits, then when price get low enough they buy, manipulate prices higher and then sell again. Same with stocks. One day price drop and they say investors are scared of one thing or another, the next day prices go back up and they say investors are "NOT" worried, it's and endless cycle! With out stricter regulations on the markets it will continue, and as long as republicans hold the house, wall street knows nothing is going to happen to them. Even when democrats had control of both houses, they didn't bother to bet tougher on wall street or the oil companies!

[Lint Head]

6. It will be $5.00 before you know it andwe will be saying, "Remember

when gas was just $3.99 a gallon? Those were the good old days."

[lfairban]

10. I hope so.

That will mean less cars on the road and less potholes.

I hate potholes. :grr:

[CleanGreenFuture]

7. Nonsense from USA Today as usual...

Once we fall off the oil peak plateau $4 gas will then be a thing of the past.

[GliderGuider]

8. The crude&condensate production plateau is stretching out...

We've been bouncing around on the plateau around 73.4 mbpd (+/- 2.6%) for 7 years now - since July 2004. I don't think the plateau will hold longer than another couple of years or so.

I also expect that within 6 months of world production falling below 72 mbpd again, all bets will be off regarding oil and gas prices, and within 6 months after that the world could be in a full-scale depression.

[CleanGreenFuture]

9. "I don't think the plateau will hold longer than another couple of years or so."

I agree. I'm thinking Summer 2013 is when the crash begins in earnest.

The President knows about the situation and has warned us several times but no one is listening. I'm beginning to get the impression that many PTB know about it and that may be why they are hoarding cash and not hiring. But that's another thread entirely.

[unblock]

11. lucky me, i'm in one of the 4 states with $4+ gas!