Gasoline Could Drop to $1.15/Gallon

Probably not as that is the lower end of the estimate, but a well-respected oil industry analyst says expect gas prices to plunge. Oil prices are more than the basic supply and demand curves, including future expectations such as unrest in oil producing regions and hurricanes in the Gulf of Mexico.

The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.

“All the hurricane flags are flying” in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.

Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead.

The rationale:

For most of the past two years, oil prices have risen because the world’s oil producers have struggled to keep pace with growing demand, particularly from China and India. Spare oil-production capacity grew so tight that market players feared that any disruption to oil production could create shortages.

Fear of disruption focused on fighting in Nigeria, escalating tensions over Iran’s nuclear program, violence between Israel and Lebanon that might spread to oil-producing neighbors, and the prospect that hurricanes might topple oil facilities in the Gulf of Mexico.

Oil traders bet that such worrisome developments would drive up the future price of oil. Oil is traded in contracts for future delivery, and companies that take physical delivery of oil are just a small part of total trading. Large pension and commodities funds are the big traders and they’re seeking profits. They’ve sunk $105 billion or more into oil futures in recent years, according to Verleger. Their bets that oil prices would rise in the future bid up the price of oil.

That, in turn, led users of oil to create stockpiles as cushions against supply disruptions and even higher future prices. Now inventories of oil are approaching 1990 levels.

But many of the conditions that drove investors to bid up oil prices are ebbing. Tensions over Israel, Lebanon and Nigeria are easing. The hurricane season has presented no threat so far to the Gulf of Mexico. The U.S. peak summer driving season is over, so gasoline demand is falling.

How far can it go?

Should oil traders fear that this downward price spiral will get worse and run for the exits by selling off their futures contracts, Verleger said, it’s not unthinkable that oil prices could return to $15 or less a barrel, at least temporarily. That could mean gasoline prices as low as $1.15 per gallon. Other experts won’t guess at a floor price, but they agree that a race to the bottom could break out.

I doubt gasoline prices will go that low, but prices look to go significantly lower. I do wonder what will happen to all the recently (over-?) hyped alternative energy sources such as ethanol. As I write this oil is at $63.30/barrel (-0.75), and natural gas is down ~10% today ($4.89, down 0.56, a 2-year low). I’m waiting for the cries that this is all some Rovian/Bush conspiracy just before the elections.

FILED UNDER: Economics and Business, , , , , , , , ,
Richard Gardner
About Richard Gardner
Richard Gardner is a “retired” Navy Submarine Officer with military policy, arms control, and budgeting experience. He contributed over 100 pieces to OTB between January 2004 and August 2008, covering special events. He has a BS in Engineering from the University of California, Irvine.

Comments

  1. Mark says:

    Heck, I’d take $1.50/gallon.

    Thank you, Mr. Rove.

  2. anjin-san says:

    Great, now people can go back to pretending we don’t have a huge problem with dependence on imported oil and can continue to drive gas hogs with a smile.

    Everything will be cool. Until the next oil shock hits, then we will be unprepared, again.

  3. I don’t know about the Rovian conspiracy, but I have heard multiple news accounts about the problems that will occur if gas prices fall. Clearly, all news is bad news and, hence, is George Bush’s fault.

  4. “Help us Mr. Whoopee!”

  5. Strike that last comment, it wandered off the Caption Contest reservation.

  6. Len says:

    You had an interesting post until this:

    I’m waiting for the cries that this is all some Rovian/Bush conspiracy just before the elections.

    Funny, but I haven’t heard that from anyone except conservatives.

  7. Hal says:

    Dust off that H1 you’ve mothballed and party like it’s 1999!

  8. Actually, a few weeks ago when I noted the falling prices, one of my more liberal readers immediately raised the question of why prices were falling just as we were entering election season: click here.

  9. Triumph says:

    I do wonder what will happen to all the recently (over-?) hyped alternative energy sources such as ethanol.

    Instead of over-hyped, you should say “over subsidized.” Bush’s push for ethanol is nothing more than a giveaway to big ag businesses.

  10. Eneils Bailey says:

    Maybe we should help the lefties figure out the Bush-Cheney-Rove-Haliburton-Big Oil conundrum here as to why this happening less than three months before the election.

  11. just me says:

    We heat our home with natural gas, I like the idea of natural gas and gas in general going down, although I wonder what will happen if there is a really cold winter this year?

  12. Mark says:

    although I wonder what will happen if there is a really cold winter this year?

    That will not happen because not only has Bush/Rove lowered the price of gas, they also caused global warming that will make winters obsolete!

  13. From his lips to God’s ears. Just sit back and imagine voters driving to the polls in November with $1.15 per gallon gas in their tanks. Sigh.

  14. Cernig says:

    Fred Barnes in the Daily standard yesterday – in an article subtitled President Bush gives journalists a “heads up” about the mid-term elections, among other things.

    Right at the end, after all the stuff about why Bush thinks catching Osama isn’t a priority anymore, comes this:

    Bush said the price of gasoline, which has been falling rapidly, is one of the “interesting indicators” that the press should watch carefully. “Just giving you a heads up,” he added.

    Make of it what you will.

    Regards, Cernig

  15. William says:

    Your last paragraph begins to zoom in on the motivations for dropping prices. Oil is a drug. America is the junkie. You have to price your drugs at the right price, high, but not to high or your junkie will start looking for his /her “fix” elsewhere. And once the switch is made, your done as a supplier.

  16. Kevan Morgan says:

    If indeed this plunge occurs, it would seem that it could be related to the relatively very quick development of alternative energy sources, such as ethanol and hydrogen. I noticed the other day that BMW is (already) putting out a hydrogen-fueled vehicle. Perhaps the big oil companies didn’t think the technology would come along so fast. At any rate, I would hope that the public realizes the vulnerability that has been created by the over-dependence on fossil fuels, petroleum in particular; and the push for alternative energy source continues on with a vengeance. The question is not “if?” we will run out of fossil fuels, but, rather, “when”, and how much the prices will spike in the interim. I, for one, do not want to be at the mercy of the blood-thirsty petroleum companies (and countries) (who, by the way, posted record profits in the last years, in the midst of the “shortage”) the next time a “shortage” (strategically) rolls around. Thank you, and God (yes, I did say GOD) bless.

  17. Gail Purves says:

    I have said all along that the price of oil won’t stay up forever, however I expected it to last a couple of years longer than it has so far.
    For those of you that don’t hink Bush has any control over these issues, “follow the yellow brick road!

  18. Mike says:

    1.15 gas would be nice, and it should give us impetus to look for alternative fuels/more engery efficient vehicles. I for one believe that it is time to cut the ties of foreign oil. If a country like Brazil can be independent of foreign oil, why oh why can’t we in the USA figure a way? Big business that’s why and government having their fingers knee deep in the pie.

  19. BAS says:

    Is it a coincidence that the Oil companies and the politicians who take their money (Lobbying) are realizing that finally realty and truth would catch up them?

    As you can see, just before the election, price of oil has been dropping. May be, it is time to realize that our dependency on foreign oil has given birth to oil companies’ and politicians’ greed who are controlling us like drug lords controlling drug addicts.

    Also, it is time to realize that our dependency on fossil fuel and foreign oil has been the root cause of most of the problems we are facing in the Middle East.

    Common sense suggests that without foreign oil, we don’t need to deal with foreign oil producing countries, who in turn take our money and control us with our dependency.

    It is time to look for alternative energy and be self sufficient in the USA and other parts of the country, so that we don’t need to worry about the oil producing foreign countries, our greedy politicians and last but not the least, Oil companies who have been looting us with hundreds of billions of dollars in profit.

  20. Atrax says:

    bla bla bla… heard it all … but good try bush!!! not buying this 1.15 gallon.. it will rise eventually!!!

  21. diann says:

    it’s about time, but it’s true it will not last for long something will go wrong and up the price of gas will go again. I’M GETTING REALLY SICK & tired of this crap,the up & down stuff with the prices why don’t they LOCK THE PRICES & LEAVE THEM

  22. Ernie Shirley says:

    Yea, oil prices are going down – so we are, indirectly, paying less to the terrorists of the world. Think about this, think seriously.

    Hydrogen (search under water engine or HOH) is the fuel of the future. It is here already, so get ready for a H UGE uproar from the oil producing nations. Payback is coming, and it is in the fast lane.

    As far as oil playing a part in future elections, nice try, but BULL $#%&*. That’s like blaming Lincoln for World War II – sounds OK, until you do a little real research.

  23. Gordon H. says:

    I love it. I”m not the only one that can see through the charade. Oh, of course it’s just a coincidence that the price of gas will plummet within two months of the elections. After all, Who put so much $’s into putting GW into office? And who just might stand to lose so much if the Dems were to take back control of Congress? Just a coincidence? You bet! It will also be just a coincidence that the price of oil and gas will skyrocket if the Repubs keep control of congress.

    This is one of those situations where you really have to wonder how scared the oil companies are of the Democrats. Love it!! And who in their right mind would complain about cheaper gas for a couple of months!! Rock on sheep!!

  24. $1.15 gas is a disaster for the mututal funds and others holding the bag in retirement funds

  25. gavin says:

    gasoline is 2.05 a gallon here in Cleveland and i still wont vote for you Mr. Bush nor any of your Halliburton puppets over on the hill. I refuse to address you as Mr. President for you fail to resemble anything of it’s kind.

  26. Carol says:

    I would take 1.50 a gallon myself.

  27. Boyd says:

    After reading all the comments on this post so far, all I can say is…

    Whaddaya mean the leftist Bush haters are unhinged? They’re obviously sober, logical, analytical thinkers who would never let raw emotion cloud their judgment.

    Umm…not.

  28. jimmy says:

    “Mr. Bush” has been the “President” for 6yrs now so we should respect him. And yeah i would love to have 1.15 gasoline. Bring it on.

  29. Zelsdorf Ragshaft III says:

    Gavin you refuse to address him as President shows your lack of appreciation for your being born in America. You must have been born here because hate filled cry baby liberals are born here. Your hero was a lying cheating rapist. Yet you called him President. Just goes to show what your parents lacked in their ability to care for you and get you properly educated, when in reality, you should have been aborted.

  30. johnny says:

    Since when does Bush control the price of a barrel of oil?
    I doubt election year has anything to do with it.
    Remember, it’s not our oil.

  31. JustMe says:

    Comment in violation of site policies deleted.

  32. Cathy says:

    I was buying gas in 2000 before the Nov election at 99 cents a gallon…can’t believe only 5 years later it is such a big issue to have it possibly go down to 15% higher than that. Are you better off today than in Nov 2000? That’s what Reagan would have asked in this election.

  33. Richard Gardner says:

    I am entertained by the various conspiracy theories I’m seeing in the comments to my post as many are incredibly USA-centric, as if the high price of oil only impacts the USA, and that everything in the world revolves around US politics. It is all about “big oil,” meaning US oil companies, ignoring the recent research by The Economist magazine, as reported here yesterday by Steve Verdon, showing that the largest US oil company, Exxon-Mobile, is #13 on the list of oil companies, behind various state owned oil companies — so maybe foreign governments are manipulating the price of oil?

    I’d just as soon believe that George Soros (funder of moveon.org) and his European hedge fund and oil company friends were unable to maintain the high price of oil all the way through the election, just like they supposedly did before the Nov 2004 election (remember, oil prices surged from $38 in June 2004 to $55 just before the election).

    Either conspiracy theory is equally probable, but in my view neither is plausible. Just sour grapes from both sides. It is market forces, but the concept of a conspiracy (“them”) is easier to understand.

    Of course the USA has a major impact in the world oil markets. But so do hurricanes, unrest in Nigeria, and so on. The only US unique events were the loss of refineries due to Katrina, and the BP partial shutdown in Alaska, and the West Coast refineries are getting replacement oil from West Africa now (BTW, BP = British Petroleum, no longer state owned, but 70% owned by British investors)

    The price of oil has become very volatile. I expect that if prices go down, investigation into alternatives will continue (to include the Canadian oil sands).

    As for hydrogen, it is not an energy source. It has to be made, and the Laws of Thermo say it will take more energy to make it than you will get back out, so until we get fusion, nuclear, huge wind farms, etc, hydrogen is a net loss (regarding oil or coal consumption). Plus its enthalpy/volume is low. It does help with air quality in the area it is used.

  34. cy says:

    Gee all these “Bush” bashers, oh my guess Kerry would have done a better job??, if you don’t know about the “winter soldier” stuff than keep your political veiws to yourself..what a joke!

  35. Bob says:

    Bio fuel is renewable. If you can build an
    Oil Pipeline that is thousands of miles long then
    why can’t you build a water pipe line to anywhere
    you like on the planet and grow anything you want?
    (like bio fuel type plants)
    Use the new “Long Beach” method of turning
    salt water into fresh water and pump it…
    I have crossed the U.S. and there seems to
    be a lot of empty space out yonder…to grow stuff.
    Let us Forget Oil. Let’s move on.
    Earth’s problems are bigger than politics.

    How about the Sun? Is there a way to turn
    Sunlight into Electric Power? …Hum.
    Arnold seems to think so …
    How about this one?…
    Let’s build two lakes…
    One higher than the other … and pump the water
    from the lower lake up to the higher lake.
    We will use photovoltaic power for our pumps… Then we will let the water fall from the upper lake into the lower lake … put in
    some turbines … harness the hydroelectic power.
    How difficult is that?
    I guess we will have to wait until somebody
    goes to the moon to ever think ideas like that
    will work..
    Time is running out … Oil is so yesterday …even if they give it away.

    P.S. I want my money back for that last couple
    of years when I got worked by oil prices… O.K.?

  36. Horsey says:

    All of these Bush haters need to wake up and do some research about the topic. Look at the facts, hurricane season is almost over, it is the end of the summer and there are numerous other reasons that the price of oil is going down, but if you would have read the article with and open mind, instead of reading it with one mind set. That mind set would be “Mr. Bush dropped the prices just before the election.” People

    People in this country need to wake up and start using their heads again.

  37. William says:

    It’s funny how everyone is an expert. Ethanol takes more petroleum based inputs than it yields and Hydrogen… You use electricity to split X molecules of water and then recombine that volitile hydrogen with oxygen, resulting in energy and…X molecules of water, there is no way that can provide net energy production. Electric cars…where do people think that electricity comes from? *Pssst…it’s coal!*

    The only answer is reduced consumption…and nuclear.

  38. don woods says:

    I would be happy to pay a continuous 5 dollars per gallon if it could be proved that the oil came from the usa source and pr oven that I was not sending my money to the Islamic nations or any other usa hating countries. Some things are just not an money issue! zeeks eyes

  39. Ann says:

    So true between the oil companies and congress. Election Year…Also, set the record straight, we do not get our oil from the Arab countries….mostly from South America…..

  40. mic says:

    Mark my words that new GAS station u see popping up LUK OIL will be taking over shortly being they are Russian based they needed to EST them selves here first.No that they are leaving a mark they can use our drilling and refining and scouting for oil expertise and hit SIBERIA for all that untapped oil.People keep in mind if someone could make a car run on BROCCOLI it won’t be to far off b4 there are like only 4 companies in the US that produce and your back to sq 1 its all about SUPPLY N DEMAND.Although I think gas should be reg 89 cents a gallon

  41. Richard says:

    Ahhhhhhh……the political pundits of all ages and races.No matter how right or wrong we are as far as our opinions (more like world info from news and/or mags)we need to support our president who by the way…happens to be serving not 1 but 2 terms of the presidency in a time most presidents could not nor would want so much crisis to deal with such as the bush administration has. You know all these Americans and all these foreign outsider who has this view of our President as a dumb,stupid,unitelligent man. Could you have done/or could you in the future do what this man has done…and thats to become THE PRESIDENT OF THE UNITED STATES!!! This man is not stupid.There are many level of intelligence and personal education in each and everyone of us.President Bush may not be up in that field but he definately is not stupid.If there is anyone who is dumb,stupid,unitelligent,moronic, it’s those who are labeling our President. I don’t care if our next president is a democrat or republican… I just hope he has balls the size as Mr. Bush! I don’t give a rats ass what other nations think of us,no ones is going to protect America like America protects other nations in thier time of crisis or needs. GBA!!!

  42. gene says:

    we will never really know if Bush really controls the prices of oil or not and dont expect he will ever be honest enough to tell us, i just think the enviorment has probably had all the engine exhaust it can hndle and the world should just switch to a different fuel, lets stop all the talk about it and just try something else , the air would be grateful and we and our children would live longer

  43. Ian says:

    Yes, I am sure we will get a price break from gas prices, I have been expecting it. After all it is an election year! “The Big Oil” buddies in office have to make it look like they are doing something.
    The Republican majority in office should be ashamed of themselves, such a shameful display of greed and corruption.

  44. barbara kail says:

    yes sounds good especially close to election and just how long will it stay that low just untill election days are over and then back up if republicans get back in think it is all connnected but will take the low prices any way can get them but my vote will stll be democrati

  45. emme says:

    the only way to have lower fuel prices and preserve the environment is to lower our consumption of these fuels. alternative sources of enegery such as hydrogen fuel may cause more global warning. if we used nuclear power… where will be we dispose of nuclear wastes?

    http://www.pbs.org/newshour/science/hydrogen/environment.html

  46. Dom says:

    I couldn’t agree with Richard more. We need to support our president. People – There is corruption in every power and authority. Because there can be. It is OUR job as citizens of the US to control that. We are “The People” of “We the People”! If those who are inactive got up and voiced their opinions, wrote Washington, wrote congress, state reps. and just did their part, things would be better. Stop the hate and criticism, and get up and do something about it if you don’t like it. Lower oil and gas prices are fine and dandy (we’d all like that. it would help many and hurt some), but ultimately, we need to consider the Earth. We live here, our children live here, and so on… We should be exploring other options for transition. I don’t have the answer. If I did, it would be out there. Let’s just remember that as US citizens, as world citizens, we should all be on the same team! (Not to say this will solve all the problems, but everyone plays a part). Let’s help each other!

  47. Alex says:

    It’s amzaing! these bastereds were telling us the prices are high because of demands from china and India. SO what happend all of a sudden china and india’s demand changed?
    This is pre election technique. After november prices will go up again. meanwhile some people made hefty sums of money out of suffering of people!

  48. McGehee says:

    Lord have mercy. And these people vote.

  49. Dennis LaGrua says:

    Has it occurred to anyone that exorbitant petroleum energy costs have contributed to slowing the economy? A slower economy drives the prices of just about everything down. Look at the cutbacks by GM. Ford and Intel; a sure sign that the economy is slowing down. Oil prices have to come down or we will move towards a recession. We can discuss supply and demand as forces influencing oil prices but let’s not ignore oil industry greed.

  50. Cernig says:

    Richard, you’re being rather disingenious – talking about the falling price of oil and hoping no-one notices that isn’t as related to the price of domestic gas “at the pump” as you would like it to be.

    More from Anything They Say:

    Previously, the relationship between Bush’s approval rating and the price of gasoline has been noted. Many have speculated as to whether oil companies have been tweaking the price of oil just before the election thereby currying favour for the Bush and the GOP. This is not quite correct. While oil companies can dump oil futures, world market prices are really set on a much larger stage, like war in the Middle East. However, oil companies do have very tight control in the pricing of gasoline in the US, which is much more affecting of the average American consumer. They also know that, as good and loyal companions of the Republicans both in the White House and Congress, the price of gas is the ticket they know they really can punch to assuage American concerns about the “direction of the country.” And Americans appear to be easily bought.

    …The price of domestic gas is only marginally related to the price of oil, with oil companies generally recognizing that the price of gas in the US simply could not track the price of oil on world markets. For example, while the price of a barrel of oil has more than tripled since 2002, the price of gasoline currently sits at less the double — and dropping — what it was in 2002 (after the wild spike that followed Katrina). Clearly there is mitigation of gas pricing by oil companies in the US. And they can do this because company profits are mostly realised by the price of oil on world markets, not the price of gasoline in the US, which is only one of many byproducts, albeit the biggest one. It costs no more now to get the oil out of the ground than it did mere months ago, but the market price of oil has soared and this is where the massive profits are realised.

    And Ken has the graph to show that gas prices and Bush’s popularity go hand-in-hand.

    Regards, Cernig

  51. Jazz says:

    Interesting twists and turns over the oil pricing, gas lobbying versus US Election. Has anyone thought that the next course of events will lead to questioning the validity of our single vote at the polls? Have the machines been standardized nationwide? Are all the politicians vying for election in this next cycle correctly identified on the ticket? Has the hanging/dangling chad issue been resolved? I find it interesting that for an election process that claims to represent the true nature and intent of the American public, that so little is invested in standardizing the single-most important process in America…the voter’s vote! How can we in earnest try to instill democracy in other nations – to the degree that we go to war over the issue – while still not having a viable voting process in our own nation? It’s not just oil prices, it’s not the convenient drop in cost BEFORE the election…it’s something more sinister. Government does not care about citizenry. It cares about position, status, and high-powered deal makers. Life and the living are an annoyance, and as long as we provide the financial base for the elite’s wheeling and dealing, they will do just enough to keep us paying for that base. Ask yourself: when was the last time an incumbent DID something to effect change for every citizen in the US, irrespective of financial status or position? Oil prices didn’t affect the outcome of caring for the nation and doing what it took to put balance, integrity, and responsible service at the forefront of those ideals. No matter what you say, the ONLY President/Vice-President in US history who balanced the budget and left office with a 2 Trillion Dollar surplus…was Clinton/Gore. We were spoiled, and our expectations rose for what we expect of our Presidential leadership. How in the hell did we get Bush for two terms? Greed from the highest echelons, the most prominent, the richest, and the most influential people in our country and abroad. It’s time to wake up and take our country back. And if you don’t see it yet, it is too late for you – you’ve already been bought.
    And paid for…you’re a different type of slave, because you subsidize your subservience. Yes, I said it, and you heard it first from me…

    Jazz

  52. nvrsurendr says:

    Comment in violation of site policies deleted.

  53. Ruth says:

    Perhaps this sudden drop in oil prices is to deter research dollars away from alternative fuel sources. Oil companies know that if ethanol, etc., get a foothold, their billion-dollar profits are gone forever. So, they drop oil prices to convince people they don’t need to develop alternative fuel sources.

  54. nvrsurendr says:

    Comment in violation of site policies deleted.

  55. Who doesn’t see this ploy for what it really is?

    This is nothing less than a desperate attempt by the Gas Oil and Petroleum Party (Republicans) to buy our votes at election time because Bush and the Republican Congress have totally lost our confidence.

    They are afraid that REAL change will occur if the Republican Party loses power. There will be real introduction of E85 (ethanol), higher MPG CAFE standards, more hybrids, electric cars, fuel cell cars and more alternative energy for homes as well.

    They want us to stay addicted to foreign oil and whenever it looks like we are ready to quit, they suddenly lower the price.

    Don’t be fooled.

    Who really doesn’t think that the prices will zoom right back up the day after the elections if they win?

    The jig is up.

    If you want REAL energy reform and REAL, sustainable energy policy and an end to dangerous foreign Middle Eastern oil in this country then vote DEMOCRAT this November.

    Doug D.
    Orlando, FL
    ddeclue2@earthlink.net

  56. Wayne says:

    im buying an excursion..and lifting it

  57. Jordan says:

    Big gas guzzling Vehicles are great for there intended purpose. Too bad the majority of people driving them have no need for them other than a status symbol. How many times have any of you seen a 4X4 escalade out on some two tracker in the back woods. Better yet, how many times do you think that people actually use the 4X4 on an escalade, Hummers, or the majority of SUV’s and Trucks.
    Not one factor has led to the increase of fossil fuels. In my opinion, it boils down to the American Culture, Greed of both Politicians and Investors, and Large World Demand.

  58. Windsurfer says:

    It wouldn’t matter if gasoline went to 0.15 a gallon, I can’t afford to spend a lot on it, I need food shelter and clothing. Let’s lower prices on those items…

  59. Ron says:

    People don’t be fooled by the drop in prices. It is election time for cry’in out loud. Prices will be back up by next summer. yessshhhh….

  60. Rick (James) says:

    I think its funny that everyone is all of the sudden an expert. All the liberals think that President Bush is such a horrible person, and that he wanted to be president to get rich. Here I enter Clinton; a liar, and a cheat with no morals, otherwise known as your hero. You are so quick to make judgments and say what President Bush is doing wrong, but there are ZERO logical explanations for what the “right” way to handle these situations coming from your mouths. so when you actually have something to say that has substance and is not just Bush/Republican bashing go ahead and post it!

  61. K Ram says:

    Isn’t it convenient that gas prices are coming down when it’s close to election time. I guess W and his boys got enough profits the last two years, so now they can lower prices and brainwash America some more. Look for prices to rise come January.

  62. Jim says:

    Whoever came up with the bright idea of having two lakes, one higher than the other and pumping water from the lower lake to the higher one, then letting it fall to produce electricity… read the first page of any thermodynamics book and you’ll realize why your GREAT IDEA is stupid. Also, stop trying to act like you’re an expert when you can’t even get basic concepts down.

  63. Dwight finckbone says:

    It is about time, the price of gas should be about 1/6 to 1/5 the minimum wage, or the minimum wage should be 5 – 6 times the price of gas as it was in the ’60s, and up till the fake gas shortage of the ’70s.–I had a friend who was a tanker driver for one of the gas companies then, and he told me that the company had him and all the other drivers driving around all day full of gas and not to make any deliveries so that the stations would run out of gas and drive up the prices.

  64. Joe says:

    If everyone would really watch what they are doing and drive conservatively we could avoid some of the price problems that are not politically motivated.

  65. Don DMT says:

    I predict President Bush & companies will have the gas price going down to 89 cents a gallon.

    Isn’t he a great President or what, if it happens? It’s a good idea that we should add an Amendment to our Constitution to allow President Bush be elected the 3rd term. (One of Bill Clinton wishes) I am sure President Bush would beat any Democrat candidates.

    Vote Republicans baby. And don’t own a car.

  66. Ray says:

    People don’t be fooled by the drop in prices. It is election time for cry’in out loud. Prices will be back up by next summer. yessshhhh….

    When I first started driving in 1978, gas was .53 cents a gallon and I earned $3.75 an hour (without benefits). Now it is $2.15 a gallon and I earn $16.75 an hour(plus benefits)! In the last 30 years the price of gas increased by about a factor of four and my wages increased by about a factor of five! It’s a vast right wing conspiracy!

  67. Richard Gardner says:

    That was a fun ride, maybe. Like the upside-down stuff I didn’t do at the State Fair last week. For the regulars at OTB, this post was picked up at Netscape.com (yes, it is still around) and was the top item for a few hours. That is where the new folks came from.

    For the new folks, welcome, and please be civil. But more importantly, give us reasoned thought, not partisan speaking points. Generalized conspiracy theories show that you are “as dumb as Bush.” Not really, he is much smarter, though he isn’t a great public speaker, but are you a great public speaker? Guess what, Jimmy Carter pronounces NUCLEAR the same way, and he was a trained NUCLEAR engineer. Guess you think Southern accents are below you.

    What, you’ve never made a public statement? Then I guess you are just making stuff up, zero experience. (I’m being nice, the not nice version would call you a liar). I know my appearances on camera have sucked but at least I have that experience to compare against.

  68. Rick (James) says:

    Richard, you are right. All you people who talk about how President bush is uneducated probably didnt have as much education as he did! like i said before i really do think it is funny that you talk about him like he is uneducated and trying to screw everyone over! You all should be damn happy that the prices are going down! The president of the United States has no damn control over gas prices! We dont even you US petroleum! If he had control over the prices and was making a huge profit why would he lower them…he cant get elected again!! All you liberals need to take your stuiped left wing thoughts and put them where the sun doesnt shine….it is absolutely rediculous!! How can you support a president who outright lied to you about sex in the white house, but not suport a president who is DEFENDING YOUR RIGHT TO SAY WHAT EVER IT IS YOU WANT…BAD OR GOOD ABOUT THIS COUNTRY! If you dont like it get the hell out!!!!!