Money Beat

Someone needs to start taking up a collection for Exxon-Mobil in these tough times.

We were out yesterday looking at fall colors and paid $2.10 per gallon, we were so excited LOL

Gas prices always fall before an election. Exxon knows what it is doing.

It took them forever to drop the prices which they RAISE overnight...Yeah...we know it...it's an election cycle ploy...after our attack on Syria...Bush II offically has 11 weeks to start WW III...will he or won't he?

How can this happen without drilling? How come we aren’t hearing from McCain and Palin (the so-called energy expert, LOL) yelling drill baby drill on the stump anymore? Hmmm, could it be we are consuming less oil? Could it be Obama's plan is the correct one after all?

1.97 in some places near me. That is freakin awesome. Dan: you are an idiot, Obama didnt even have an energy plan besides check your tire pressure. Anyway, drilling here is just a step to take us away from dependency on forgein oil. So no Obama's plan is not correct.

Fill up, it won't last long.

It's interesting that when fuels were going up--it was the end of the world. Now that fuel prices drop, no one cares (based even on the amount of comments) as long as they keep going down which is understandable except that instead of treating all this as a wake up call, people will probably get back to living on foreign oil without complaint or interest of getting our own resources together for the future when they could get $6 to $8 for a gallon of gas.

This is B.S. The hedgefunds and the big investment banks do not have the money to speculate on the oil futures contracts anymore. Hence, we see the prices come down to normal levels. I am sorry Dr. Von Hayek I am afraid John Maynard Keynes may have had some valid points after all. You cannot let capitalists loose in the hen house they are liable to bring the walls crashing down. Unfettered capitalism is one of the most destructive socio-political forces on earth. I say regulate the hell out of Wall Street!

LIFE - http://my.barackobama.com/page/content/newenergy - This plan has been on his web-site from the beginning. Before you call someone an idiot, maybe you should look things up because it makes you look very stupid when you don't.

Yes bring it up to $4.00 and then drop it to $2.00, price doubled but everyones in Utopia.

Works everytime.

This is awesome! Wichita has the cheapest gas prices in the country at $2.12 a gallon!!!

We can not become complacent. Alternative vehicles and fuels are the only true answer to the problem. Fuel prices can and WILL spike again. If GM had been investing on "quality" more efficient and innovative vehicles instead of shooting for the big short term profit with SUV's maybe thousands of GM workers would still have a job!

Time to get that 10 cylinder SUV now.

Lindsey Williams predicted this four months ago on Alex Jones radio show. Google it.

finally after weeks and weeks of good news, something finally goes our way. gas just dropped under 3 bucks in some parts of LA but ive heard that some places in missouri its dropped to under 2 bucks. any truth to that?

finally after weeks and weeks of good news, something finally goes our way. gas just dropped under 3 bucks in some parts of LA but ive heard that some places in missouri its dropped to under 2 bucks. any truth to that?
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oops my bad i meant to say bad news

Funny thing is that the gas lines of the 70's only scared GM and Ford enough to build the "Vega" and similar cars; cheesy little cheaply made cars. The Japanese made quality small cars like the Celica and cleaned up on the American market. Foreign markets continued to build quality small cars and American manufactures saw more money in the SUV’s and went right back to gas guzzlers. Maybe now America will get their innovative spirit and higher quality standards back on line.

It's $1.97 in Lawton, OK. There's lots of truth to it. The gasoline station on my street corner is $2.16 and falling like crazy.

I have to admit it's easy to become complacent again now that gasoline is somewhat more affordable. I still want alternative energy and as an engineering student I have the potential to develop it. I really hope everyone doesn't give up on the big push for energy independence now that energy is cheaper but unfortunately I foresee that happening.

Don't celebrate too soon folks. Gas prices aren't likely to stay low very long. When we pay low prices for gas, citizens of oil rich supplier nations tend to suffer. As long as the US is dependent on foreign oil - our gas prices are linked to stability in the middle east.

What's hard to believe is that people fall for this every election cycle. This country has such a short memory. Why doesn't ABC, or any other news source for that matter, research this fact? Let's see it ABC. Show us a history of gasoline price fluctuations before elections in the past 20 years or more.

I heard some analysts on cnbc this morning saying that oil could bottom out at 35 bucks but could drop as low as 20 dollars a barrel perhaps sometime next year.

drill baby drill.....Why? There is more oi than we can burn right now, the Saudi's are cutting production to rig the prices again but there is nothing but oil,it's everywhere, we can't burn it all.In Iraq alone there are over 30,000 capped wells from the '20s and 30s when England monopolized the region.They capped them and buried them but they are still there.

They capped them right before WWII in case the Germans invaded and occupied the area. Germany was very short on oil.

i think america has wised up to know that we cant keep on driving the same dirty noisy gas guzzling suvs big rigs and monster pick up trucks. should gas continue to drop back to where they were in the 90s it is still imperative to find alternative options for fuel because it will go up again eventually in the future.

Keep it up people! Don't drive unless you absolutely have to, it's about time we did this....

It amazes me how everyone gets so excited about 2.00 gas. The reason gas is what it is is because people quit driving. They started taking the bus or train. Hence less demand followed by more supply, so prices go down. Now more people will start driving again, probably even more so and prices will go up again. Unless we quit the process Gas prices will average 6 dollars next year and be 7 or 8 dollars in some areas. QUIT USING FUEL UNLESS YOU HAVE TO.

Gas dropping seems great....but. The middle east, europe, and Asia (especially china) are talking about dumping the dollar. What does that mean? If oil get's into the 50's and they decide they're cashing in their dollars then we are shoot outta luck!

Here's a good example of inflation I heard the other day. Three men in a raft. One has an orange, one has a dollar, the other is broke. The man with the orange says, I'll sell you it for your dollar. The dollar man says yep! Just before he gives the dollar to the orange man, the other guy says wait, I have a ten. I'll give you 10.00. The orange is now worth 10.00. a better way to look at it is that the man with the dollar just lost value. His dollar is now worth 1/10 of an orange. Just because there is now 11.00 in the boat.

Moral of the story. If the world says we're cashing in our dollars because of the oil game we're screwed worse then anything we've seen so far...we get hyper-inflation when their dollars hit our shore. Bernake has been running the dollar presses like there's no tommorrow. Inflation takes a while to show up....add the world dropping the dollar and that equals possible depression. Still excited about cheap gas?

From Kansas City - At my neighborhood station on Saturday the price of gas was $2.15, on Sunday it was $2.09 and today (Monday) it was $1.99. Three weeks ago it was $2.99! It is falling faster than it has ever gone up around here.

My post above is exactly what Ron Paul has been saying all along....and all the candidates talked to him like he was a nut. You will vote one of these idiots into power shortly....Good luck folks. I'm preparing! If you vote them in then.....have fun!!!

Great! But I'd rather have my retirment account money back!

Just don't even imagine that this is some kind of generosity from Bush or the GOP: if they ARE behind it in any way, it will all go bye-bye on Nov 5, no matter WHO wins on the 4th!

I hear a lot about the drop in Gasoline,but nothing about a drop in heating oil or natural cooking gas. They are finally buying ths stocks in the bailout--wonder if we will vote to rescind the bonuses? nah we are too happy they dropped the price of gasoline.

In Anchorage, AK we are still paying $3.49 a gallon.

I guess I'll finally re-fill up my 1000 gallon gas tank and all three of my vehicles as soon as I see gas prices starting to go back up.

The price of gas got high enough for people to change their driving habits. Nice to know we can do it. I hope the middle east oil pirates are drowning in crude right now...glub, glub, glub. HAH!

Gas prices is gonna fall further. When people realize home prices aren't going up anymore, deflation sets in. People aren't getting the easy credit they were getting the early part of this decade. If people dont have enough disposible money to buy, they can't buy gas. Even people who are wealthy won't purposely waste their savings on gas. Whatever your income, everyone is watching their budgets.

RAISE the federal gas tax now, twenty more cents. The short term effects would be barely noticeable. The long term effect on our driving habits is worth it. The effect on OPEC would be immeasurable. Can you tell I just sold my GM truck and bought a Honda Fit?

The $4 gasoline certainly took a toll on the economy. I wonder if $2-$2.50 gasoline will give us a needed boost?

What everyone has failed to analyze in this fuel crisis is that the big oil producers INTENTIONALLY cut down the US Refinery capacity in order to drive the prices up. ON PURPOSE! I've found public documents attesting to this fact. Yet, NO ONE is seeing this for what it really is and that is simply to make more money for Big Oil. Check out the US Trade Commission's website. Its there in black and white.

It's temperary, after the election and OPECS cut in production it will go back up, probably just in time for spring/ summer vacations. America needs to be energy independant.

gift? right - the only reason the price is dropping is the hedge fund managers who are making 3 billion a year fear for their liberty, and rightly so. Those trust fund babies or 'smartest guys on the street' should all be in jail for treason. Their gluttony and greed and manipulations of the market have destroyed the hard earned savings of millions of people. Hard working people they commonly advise to pull themselves up by their bootstraps.

Yes, today in SW Missouri we dropped under $2.00/gal. While like everyone facing tough times today, it's a welcome sight yet I know it's not here to stay!!! Like many, I fully expect it to go back up after the presidential election and quickly, although some will contradict this statement. Talks among OPEC and oil production already being reduced by 1.5 billion barrels per day in efforts to keep oil prices up with talks of a 2nd reduction if prices continue to fall. Analyst say the ongoing global downturn of the stock market, which crude oil dealers use for a barometer; playing a role that continues to push oil prices down, therefore, making OPEC's actions almost effortless. While had Iran gotten what they wanted, oil production would have been cut by 4.5 billion barrels of oil. Therefore, forcing gas prices right back to the outrageous prices we were paying NOT so long ago. You worry about your 401K's, investments, etc., find out where your money is really being invested.....overseas!!! QUIT FINANCING THEIR BUSINESSES, INCREASING THEIR JOBS AND BUILDING THEIR RETIREMENT...TAKE ACTION NOW! Find out where you can invest in AMERICA, YOUR FUTURE, YOUR HOME, YOUR JOB, YOUR RETIREMENT. TRANSFER YOUR MONEY THERE.

Why aren't more people celebrating this? Gas was 2.86 today when I filled up in Southern California. It was fantastic. I'm so glad I didn't sell my old car and buy an expensive hybrid like so many of my co-workers did.

6 months ago, all my friends and co-workers were freaking about gas prices, convinced gas was going to be 5 dollars a gallon. Strangely, their solution was to spending more; buying a new car or an expensive bike to get to work. Now gas back down under $3 a gallon. I'm glad I kept my SUV.

Drop in gas prices is a good thing. But there is a down side on the oil prices - and I'm not talking the oil companies or foreign sources. There are some here in the US that have oil & natural gas rights on properties that receive royalities on both. I receive about a 32nd of the total net from wells on property my great-uncle left our family. I really count on the small extra $$ (amounts have to be over $100 for a check to be issued) to help pay for everything else where prices have yet to drop - especially prescriptions I have to take. If only one wasn't tied to the other!

Oil has dropped in price almost 60% since July, yet gas prices in South Florida are only down around 30%. Someone is making a hell of a lot of money. When oil went up, gas prices tracked it virtually every day. When they go down it lags the oil markets by weeks.

In October 2007 Crude oil was about $80 per barrel. Today, it is around $66 per barrel. The 7.5% decline in the price per gallon reflects the decline in the price of crude oil from a year ago.

One of our readers is quite sure that the gas thing is a McCain conspiracy.
McCain Will Do Anything To Steal The Election
With ten days to go until the election, its possible theft via the White House invading Syria just in time to jigger voter focus towards the national security issue that favors McCain should not be taken lightly. For the conservatives' success with this October surprise or other skullduggery to steal the election would leave Sarah Palin a heartbeat away from having her finger on the button that launches our nuclear missiles. This is to put the media on notice that not repudiating the likes of this smiling hatemonger will not be tolerated, even if I have to send this message out to every last person in America myself. She has been just what her boss, John McCain, needed, her practiced-in-the-mirror smile the perfect accessory for this inanely dumb broad who would distract us from all the important issues of the election and from the conservatives' efforts to steal the election by race baiting and any other means they feel necessary. They will stop at nothing.
Mrs. Ruth Calabria
More to read about how they will try to steal the election on www.matrix-evolutions.com .

It's niiice, but it won't last for long, unfortunately.