BUT!!! BACK TO THE OP!!!
So, we've seen gasoline prices come down since my first post and they continue to decline. Here is a report from today's AP on the news:
Oil below $100 a barrel as gas prices keep falling
By Gary Strauss, USA TODAYUpdated 2d 18h ago Comments Reprints & PermissionsThe month-long slide in gasoline prices likely will continue in the coming weeks, providing more relief for shell-shocked motorists heading into peak driving season.
[Gasoline averages $3.80 a gallon — about 12 cents below this year's peak and nearly 20 cents below 2011's $3.99 a gallon.]
Gasoline prices have now fallen 18 straight days and 25 of the past 28.
"We can expect the U.S. retail average to flirt with $3.75 a gallon shortly and expect to pay 10 to 25 cents a gallon less in the next couple months," says Tom Kloza, chief analyst for the Oil Price Information Service.
Crude oil prices fell sharply in Friday trading after the Labor Department reported weaker than expected job gains last month. That roiled Wall Street and the commodities market. Benchmark West Texas crude oil sank 4% to $98.49 a barrel, its biggest one-day drop of 2012 and the first time crude had fallen below $100 since February.
Weaker-than-expected economic news in the U.S. and Europe has helped push prices lower for several weeks. So have supply problems at U.S. refineries and easing tensions in the Middle East, where a possible showdown with Iran had driven speculators to push crude oil prices up sharply since the start of the year, spurring some forecasters to predict gasoline would surge well above the record $4.11 a gallon average set in July 2008.
But with consumption down, sustained global economic weakness and rising production up — the Energy Department said earlier this week that U.S. production was at its highest levels since 1999 — this year's price run-up ran out of steam six weeks before the peak of summer driving season.
Lowest prices: the Midwest, where gas could fall below $3.50 a gallon. Highest: the West coast, where prices could remain closer to $4 as supplies are tight . Patrick DeHaan, senior oil analyst with price tracker gasbuddy.com, says West Coast refineries continue to struggle with ramping up production, resulting in a 33% drop in supplies from year-ago levels.
FoxNews is running with a more abbreviated AP story:
The average U.S. price of a gallon of gasoline has dropped seven cents over the past two weeks, but prices in Chicago still lead the nation according to one national survey.
The Lundberg Survey of fuel prices, released today, puts the price of a gallon of regular at $3.85.
Midgrade costs an average of $4.00 a gallon, and premium is at $4.12.
Diesel dropped three cents to $4.15 a gallon.
Of the cities surveyed, Chicago has the highest at $4.32. Tulsa, Okla., has the nation's lowest average price for gas at $3.40.
In California, the lowest average price was $4.07 in Fresno. The highest was $4.21 in San Francisco. The average statewide for a gallon of regular was $4.16, down about half a cent.
Read more: http://www.foxnews.com/us/2012/05/06/survey-shows-gas-prices-trending-downward-in-us/#ixzz1uDCBOnNM
So now all that has to happen is what I predicted at the outset. Google searches, OWS, all of the crap tsmith has thrown at the wall because he doesn't understand the thread to begin with is irrelevant.
All FoxNews has to do is run with their headline:
"Is President Obama and the White House manipulating Gasoline Prices in order to win votes?!"
As soon as they do run with this headline -- knowing idiots like tsmith can't rightly explain the oil market or the disconnect between the Oval Office and the price of gas -- I win the game.
And if terrorists attack some pipeline in Nigeria and oil skyrockets, well I already stated from the outset (and provided corroborating statements, instead of vague Google results) that we're always prone to Black Swan events ...
But if trends continue as I rightly predicted weeks ago and Fox even hints at Obama manipulating Gas Prices .... I will laugh my fucking ass off from now until Election Tuesday.