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Gas traders wipe blood off trading floor with lost shirts.

Gasoline speculators were caught with their pants down this morning, and now they've lost their shirts.

In today's Crude Reality report, Bob van der Valk notes that the closely watched national inventories for gasoline from the Dept. of Energy (DOE) are higher than expected by a jaw-dropping 3.2 million barrels, suggesting that consumers continue to buy less gas while the oil industry continues to over-produce.

Tax proposal means more "Smiles per Mile" ... for the oil industry

tax means more "smiles per mile" for big oil
Oregon's Governor Theodore Kulongoski is studying a horrifically bad tax concept that is little more than a love-letter to Big Oil.  He wants the state to study the idea of taxing drivers for using less fuel.

An Ugly Smell at Shell.

Shell Oil is making a big stink in California by forcing a gasoline refinery to close.
Can you smell it?   It's something rotten in the State of California ...  and the smell is coming from the bloated carcass of a dying Bakersfield refinery which has been driven into bankruptcy by Shell.

San Diego gas prices have reversed course. On Monday they were at the lowest price ever for 2008.


On Friday, UCAN's gas project, which is more sensitive than other gas monitoring services, showed a slight uptick in gas prices of one-tenth of a cent, reversing six months of steady price declines from San Diego's all-time high of $4.64 a gallon in mid-June.

For three weeks now, UCAN has been saying that gas prices were near a bottom, and that the bottom was about to get spanked

Gasoline Limbo ... How Looooooow can they go?

 

We've been saying it for two weeks now: Gas prices should start to firm up in December, when demand usually starts to climb, but this is another week of Gasoline Limbo, where the Master of the Dance asks "How Looooooooow Can They Go?"  ...

At $1.89 a gallon, gas prices have plunged to the lowest level since 2004

Gas prices dropped another 18.3 cents in the last week to a new low of $1.89 a gallon for regular unleaded today, according to UCAN, the Utility Consumers' Action Network's  not-for-profit gas project at fueltracker.com.

At this time, it looks as though prices will continue to drop for the short term, although a return to $3 a gallon gas by Spring of 2009 is likely.

According to UCAN, gas prices have not been this low since February 10, 2004, when gasoline cost $1.89 a gallon and oil cost $33 a barrel.

With San Diego gas prices at their lowest level in three years, "Black Friday" could be a "Bleak Friday" ... for the oil companies ...

The average price of gasoline will likely drop below $2 a gallon in San Diego by Thursday or Friday morning.

Today's average price of $2.02 a gallon for regular unleaded is the lowest gas price since January of 2005, when gas prices cost less than $2 a gallon (see statistics below).

What's odd about this trend is that right now the oil companies are actually losing money selling gasoline. At noon today, a barrel of oil was selling on the NYMEX for $54, while a barrel of gasoline on the Los Angeles Spot Market was selling for $48. 

San Diego gas prices drop by $1.10 in 30-days

Even though there was a slight firming in wholesale prices today,
the short-term trend is down, down, down for gasoline and diesel
through Tuesday. To put things in perspective, gas prices in San
Diego have dropped one dollar and 8 cents in the last month at a
rate of 3.5 cents per day on average. This is the fastest decrease
in over 60 years, and probably the largest price cut in the last
100 years. If this trend continues for another 30-days (unlikely)
gas will cost 99 cents a gallon by December 22.

Gas prices are plunging faster than "Joe the Plumber" on a 1-minute deadline!


 

Oil falling: Gas prices crawling

Big Oil uses Zone Pricing to stop gas price wars. Here's how they do it, and what you can expect to see in the next few days...

Select region.

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