Indeed politics have nothing to do with it localboy. The strength/weakness of the dollar actually plays bigger then does supply and demand, since oil is traded in US dollars. There are plenty of charts to illustrate that.
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It was so funny listening to all those morons on capital hill hold hearings back in July when prices exploded. I love how they were blaming speculators, and claiming they were making out like bandits on the run up. While that was true for some, many were also loosing big, who were betting the price to go down. Now the speculators who are playing puts (where you profit by prices declining) are making a KILLING, but you of course don't hear the idiots on capitol hill complaining about those evil speculators cashing in now! haha.

Where are all the Obamaniacs that spend so much time posting their opinions on these pages? I would have thought by now one of them would have posted an opinion on lower gas prices like “Lower prices are an ‘October Surprise ‘foisted on us by the ‘Vast Right Wing Conspiracy’”, or something to that effect. After all, in their opinion, President Bush and the Republicans are only worthy of blame. If anything good happens, it must be an act of God, the foresight of FDR or the evil deceptions of those rascally Republicans.

I also am suprised at the lack of rhetoric giving Pres.Bush credit for the lower gas prices. When it was high, the liberal nuts were coming out of the woodwork blaming him.

It is driven by supply vs. demand. Currently the demand is down, and so is the price. Our politicians have nothing to do with it.

Also should be noted that after the announcement of oil production cuts by OPEC, the price of oil futures went DOWN on the NYMEX!!
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All that does is show you how big the gamblers are on the merc, and just how contrarian they trade! During the summer OPEC said they were raising production, and of course the prices went UP (I say of course, because these guys trade the exact opposite of what you would expect to happen, which is what contrarians do).

I love how the media fails to report the REAL reason for the gas price decline...Anyone wish to take a guess? As I have said on these forums over and over its ALL ABOUT THE DOLLAR! Many believed (including myself) that after the trillion $$ bailout bill passed, the dollar would fall further into the tank vs the Euro, and other major currencies. What I totally missed (as did many)was how much MORE screwed up Europe was then we were! I guess it comes as no real surprise though, as what does Europe NOT screw up?
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After the Europeans had to do more bailing out then we have, and their markets crashed, the dollar (which has sunk like a rock the last 3-4 years, and consequently drove up commodities) has EXPLODED. gaining back ALL it's strength that was lost in 3 years in just about ONE MONTH!
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Oil and most all major commodities are traded in US dollars, of course. Commodities are an almost inverse proportional chart to the strength of the dollar. Consequently as the dollar has taken off the past two months, down has went oil prices, and most all commodities. Other factors play in to commodity prices, but that (the strength/weakness of the dollar) is the biggest factor of all.
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It is rather amusing how wrong all the Europeans were. Saying the US economy was doomed because of the weakness of the dollar. That all did make sense, but they failed to realize that their own economy was on the verge of collapse, and the collapse was bigger then ours, so by default the dollar strengthened!

Obama with his high gas tax will push the price back over $3.50 for us soon just watch, and see.

With prices like that there's no reason not to choose Amoco Ultimate® brand premium gasoline!

Is it coincidence that the prices have come down after congress gave the green light to offshore drilling?

Gas is cheaper in Minnesota because the taxes are lower in Minnesota on gasoline. We still need to drill for oil here. OPEC is going to cut production down to drive up the prices again. Why should we rely on those people and be at the mercy of the greddy sheiks.

I guess you are correct booch11, Obama looked into his magic 8-Ball last winter when we were all shocked by the low gas prices...Oh, wait, I'm mistaken, that was every winter when demand for gasoline was down.

as he and all his "big oil cronies" were blamed for driving up prices and gouging all of use rubes, shouldn't President Bush be credited with bringing the price down?
i realize that everyone who blamed Bush, blames him for everything so the question is rhetorical.
instead, Obama has already calmed the seas, and lowered the temps (baby it's cold outside).
and now, by his mere presence, by simply looking into the face of the OPEC sheiks, he calmed them all and made them come to their sense. prices have been lowered -- Hallelujah!
Obama is THE ONE!

I go to college in the Minneapolis area and gas is only $2.10! Its the lowest ive seen it in years!!! Im from Janesville and when my parents told me it just dropped to 2.59 i started wondering why its not cheaper there than it is in MN.

I agree with justaguy, we need to increase our own self-sufficiency and stop relying on foreign countries soo much. Drill, drill, drill!

Opec is already saying it is going to slow down their drilling, they say they aren't making money with the low prices of oil/gas right now.So you know where the gas prices will go once that happens, Drill baby drill "I think" is what we need right now so we don't have to worry what opec and other countries do and we should look into other energy sources as we do drill for oil.We use oil and nothing we can do about it right at the moment but we can and should drill our own oil till we can find other ways, why are we "america" begging for oil from countries that don't even like us ... it's sad.

Time to start buying Tahoes again!!

I guess "Drill, baby, drill!" wasn't the solution? No oil companies are going to want to invest in drilling with prices this low.

Ernie, Palin has no control over gas prices in Alaska, anymore than Doyle is controlling ours...thankfully, or we would be close to Alaska...budget crisis.

I got gas in Beloit today and the Pilot Travel Station for $2.33!

Gas should be for FREE,for about 6 months.

Whatever

Gee, Alaska is the highest? I guess that doesn't surprise me. Gov Palin must of ticked off big gas somehow. LOL.