The “Eddie Murphy” rule applied to crude oil: Goldman Sachs' attempt to corner the crude oil market

Charles Langley - Today UCAN's index of San Diego gas prices showed that regular unleaded had edged below $3 a gallon to a new average of $2.999, an incredibly slow decline for this time of year.

Under normal market conditions gas prices drop very quickly between October and mid-December, but this year, a highly questionable rash of refinery fires has limited the supply of gasoline in Southern California, keeping prices at artificially high levels.

In the last month there has been a stunning rash of refinery closures and fires - any one of which should have sent gas prices upward - but with a flagging economy, a grim demand picture, and a glut of surplus, gas prices are destined to decline.

Crude and gasoline prices are going to drop, and drop hard.

Dateline:  Terry, Montana

By Charles Langley - On Friday we reported that as much as 17% of the fuel manufactured in the State of California was threatened by two separate refinery fires.  Normally a disaster like this would result in near-instant price hikes, yet prices dropped over the weekend.

The Crude Reality, September 20, 2009 5:30 PM MDT -- You will soon be paying less than $2 per gallon again for gasoline and diesel fuel and crude oil will go back down into the 40's.

Charles Langley - Today we are predicting that gas prices will increase another two to six cents by Thursday. We just confirmed that Tesoro's refinery (supplies Shell) in Wilmington is having problems.

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By Charles Langley, Manager, UCAN gas project.  Note: since 9AM this morning gas prices in San Diego have increased to $3.114 a gallon, up 6/10 of a cent since this morning.

UPDATED 9:00 AM LABOR DAY, SEPTEMBER 7, 2009 - Gas prices have climbed almost three cents over the weekend reaching a record high for the year 2009 of $3.108.  (Scroll down for statistics).

The van der Valk Gas Price Advisory for August 31, 2009 - High gas prices cloud the horizon