Gasoline $2.35 a Gallon?

[itsrobert]

http://www.oklahomacitygasprices.com/

[greatauntoftriplets]

1. It's down to under $78 a barrel.

Lowest in 13 months.

[Fovea]

2. Demand collapse

The bright side of the Great Depression, V.2.0.

[neverforget]

3. Demand is falling but it hasn't collapsed......yet.

[Marsala]

12. The dollar is strengthening

Bright side to the total collapse of our financial system - the implosion of the money supply drives prices downwards.

[Subdivisions]

4. These low prices couldn't be happening at a better time considering

we're about to drive a big moving truck and a pick up truck, both towing vehicles, from Texas to Virginia, in a couple of weeks. Hope we find sub-$3 gas prices all the way!

[TheFarseer]

5. as long as all the idiots don't go out and buy Hummers

I hope we are smarter than that, but somehow I doubt it. Maybe this whole collapse of the economy thing will make sure no one has enough money to do anything really stupid.

[Omnibus]

6. Oil companies trying to get Repubs elected...

...as well as a huge decrease in worldwide demand, an increase in the value of the dollar, and and a bursting of the oil price speculation bubble. Quite a few different factors are pushing oil & gas prices down right now.

The 10% ethanol super unleaded here in Iowa was $2.869 when I gassed up on Thursday.

I'm personally very grateful; I commute 85 miles a day, and my 2 carpool buddies were both downsized a couple of months ago. I've been trying to get into a rideshare program or find other carpoolers, but no luck there so far. With the drop in prices, I'm saving $80 a month.

I can afford to keep my internet access, and cable (for MSNBC and the Daily Show!) Yay!

[vinylsolution]

7. It's more McCain's campaign collapse....

... than demand collapse. The roads are still clogged with SUV's around here.

Desperation in Big Oil's boardrooms is driving the pump prices down.

They don't want a Democrat President investigating their cozy cartel, do they?

For them, Exxon John is imperative - even if they have to reduce their profits for a while.

[bridgit]

8. 3.31

[progressoid]

9. 2.77 in western IA today.

Of course most of my major traveling is done for the year. :eyes:

[demosincebirth]

10. $3.50 in Oakland CA

[Zero Division]

11. How is this drop happening so fast?

Is this really nothing more than a sharp drop in demand for oil? Or did those trading oil commodities just stop buying because they're expecting a huge drop in demand for oil?