Where's the dramamine? Part Six
Gas prices are falling.
Gasoline prices are falling fast and could keep dropping for months.Here in Palm Beach County prices have dropped five to ten cents in the last weeks.
"The only place they have to go is down," says Fred Rozell, gasoline analyst at the Oil Price Information Service (OPIS). "We'll be closer to $2 than $3 come Thanksgiving."
Travel organization AAA foresees prices 10 cents a gallon lower by the end of next week. It reported a nationwide average of $2.84 Tuesday, the lowest since April 20.
Bloggers James Joyner at OTB, Dr. Taylor at Poliblog, and Lorie at Wizbang have also blogged on the falling prices. Will this good news if sustained through November help Republicans at election time?
All of this speculation on gas prices dropping reminds me of this news from earlier in August.
NEW YORK (CNNMoney.com) -- In a blow to drivers already struggling with high gasoline prices, BP was forced to shut about 8 percent of the nation's domestic oil production for what seems to be a period of weeks after discovering "unexpectedly severe corrosion" in its pipelines in Alaska.Kim at Wizbang said the pipeline news wasn't good news for gas prices. Lori now sees prices falling. Is Wizbang bipolar or what?(Time for sarcastic laughter)
BP announced early Monday that the pipeline problems had caused it to begin the first shutdown ever in the biggest oilfield in the United States, Alaska's Prudhoe Bay. (Video:BP spokesman comments)
CNN's Todd Benjamin interviews a BP spokesman concerning a pipeline shutdown in Alaska (August 7)
Oil futures, already near record highs hit in July, shot higher on the announcement, and gasoline futures also rose.
The shutdown could be the tipping point that push gasoline prices to a record high, said Tom Kloza, chief oil analyst at New Jersey-based Oil Price Information Service, noting prices are already close to record levels.
"Prices are likely to rise 3 to 5 cents a gallon for the next few days," he told CNN.
I'm not picking on the guys and gals at Wizbang. What I am saying is, these experts sounded just as correct as the ones earlier in August. Who is to say which ones were right? Obviously someone is going to be wrong. You can find any experts or forecasters to predict what you want to hear. Just take it with a grain of salt like other prognosticators. Including TFM and his crystal ball.
Here's a gas price prediction for you- The price of gas won't be the same on election day as it is today. Now take that to the bank or Las Vegas whichever is your preference.
Linked to- Third World County, TMH's Bacon Bits, Right Wing Nation,