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$1-a-gallon gas by 2009?

By queen
Thursday, December 4th, 2008 at 1:50 pm in Misc. Transportation.

Are you starting to feel like we’re in an abusive relationship with the price of gas? Like, with these wild up-and-down swings, absolutely no stability and no sense of control? The good news, of course, is that we seem to be in the upward arc of the cycle, with the CEO of Gulf Oil predicting that gas prices could drop below $1 a gallon by early next year.

Not that I’m complaining, no indeed. On June 18, the average price of a gallon of regular in the East Bay was $4.58. Exactly why it has plummeted dizzily¬†to its current average of $1.90 is certainly an engaging question, one which Gary Richards, “Mr. Roadshow” of the San Mercury News, examined recently. What do you think is behind all this? Commodity traders backing away from oil futures? Falling demand? Anger management?

(Photo by blmurch, on flickr.)

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4 Responses to “$1-a-gallon gas by 2009?”

  1. former Capricious Commuter Says:

    Ahh, it seems like only July 9 that I commented (http://www.ibabuzz.com/transportation/2008/07/08/closing-the-record-on-high-speed-rail/#more-716) that high speed rail’s appeal would be undeniable when gas hit $7 a gallon. I still believe that will happen before high-speed rail sells its first ticket, but gas under $2 a gallon? The market is a strange and mysterious place. I just hope that if the automakers are bailed out, they will have to promise not to run out and fire up the SUV marketing machine again. Call me silly, but I believe oil futures are a good investment right now.

  2. former Capricious Commuter Says:

    And I’d like to point out for some of your Fremont readers that the Afghan government, after the price of oil crashed, agreed to fix the price of gasoline at 47 Afghanis ($1) a liter. Luckily for drivers, the market here doesn’t much care about price controls.

  3. Janis Mara Says:

    I agree with you, O Former Capricious Commuter. I was stunned, pleasantly, when the high-speed rail passed.

  4. former Capricious Commuter Says:

    I wasn’t so surprised, considering where gas prices had been and still were at the time of the election. Remember the “drill, drill, drill!” mantra during the presidential campaign? Now it looks like we may have to pump some of it back into the ground.

    It’s really good to correspond with you this way (many thanks again for reviving the blog), Janis, but I should also send you an e-mail, and vice versa.

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