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TAMPA - Service stations are shelving their threes and dusting off their ones this morning, as gasoline prices defy forecasts that a gallon of motor fuel would never again fall below $2.
Overnight, the price of 87 octane unleaded gas crept down to $1.99 or lower in a couple of spots around the Tampa Bay area. At least three service stations along Tampa Road/Hillsborough Avenue are advertising a gallon of the cheap stuff for $1.99 or $1.98.
On the Pinellas-Hillsborough border, a Hess station is the lowest of three at the intersection with Race Track Road. Hess is selling 87 octane for $1.99 a gallon; Its competitors are advertising prices well above $2 a gallon.
Originally posted by Roper
Just trying to help Digitalgrl. I am just trying to show that the falling oil prices is the Mkt forces and not some political stunt.
For those following this thread, as I said yesterday, the Bears are roughing up the Bulls. Down below 60 $$$$$. If there is a close below 60$, then 55$ is the next stop.
I'll bet OPEC is thinking of closing some valves.
WASHINGTON - Oil prices dipped below $59 a barrel Tuesday amid doubts that OPEC members will make an immediate cut in production.
After falling as low as $58.85 a barrel, light sweet crude for November delivery on the New York Mercantile Exchange traded at $58.94, a decline of $1.02.
Some analysts are skeptical that OPEC members will be willing to produce less right now, given that prices are still twice as high as they were three years ago. Still, the uncertainty is enough to discourage aggressive selling near-term.
What does Goldman get out of this? Well, their energy traders might have a bit of a "heads up" on the futures market, hmm? Who took the other side of those bad Amaranth trades?