Brak wants to know, "When will gas prices go back down again"?

Question

Oil prices hit another darn record. $102 a barrel.

Usually I have noticed that gasoline would change in price a little bit. I'd like to know when it will start to decrease. Perhaps go below $3 a gallon.

Answer 1

Don't hold your breath.   I doubt if the price of oil will drop in our lifetime.

Answer 2

not while the arabs control the price.

in australia we pay $1-50 a litre (about $6 to $7 a u.s gallon.)

Answer 3

They won't on this planet...Maybe yours?

Answer 4

It won't.  Pre-Katrina we were paying $2.50 approx for a gallon, which we considered ridiculous.  After Katrina prices rose to over $3/gallon and have rarely dipped since.  We still hear the stories of supply issues and conflicts in oil producing countries but to be honest these have always been the case.  In my opinion the only thing that changed was that oil companies watched the market to see how long it would bear $3+/gallon.  If usage dropped significantly then maybe they'd have to consider dropping prices to get consumption back up.  Well since we're still not using public transportation or any other form alternative method of getting around theres no need for them to drop prices.  We're locked into vehicles that are still reasonably inefficient and we have this headstrong attitude that it's our right to drive big vehicles.  Essentially we're standing around kicking ourselves in the nuts and complaining about it.  I'm no better than anyone else although I will say when I bought a new car last year I went for something a little bit easier on the go juice.  I'd love a truck for  all the outdoorsy c**p I don but I'd cry everytime I'd have to fill it.

All that said we're still way better off than Europe.  Last time I was over it was 1Euro 10c/litre, with current exchange rate that works out to about $6/gallon.

Answer 5

Well the long answer would be this.. Local Government has a lot to do with the pricing. They add taxes, tariffs, and levees on top of fuel cost. In Canada, approx 48% of the cost of gas is government tax. It's worse in Europe from what I understand.

The other side of this is, the "Arab's" (as someone else who answered) love their money. BUT, they aren't in control of the majority of oil. The American government (run by huge businesses) wanted to see oil between $70 and $100 a barrel. The number of oil producing nations is stagerring low, and now the majority of those nations are under control by, or in collusion with, the American government. And the vast majority of the oil attained by Americans is acquired by Haliburton.

Short answer - you'll never see it go down. We're paying what they want us to pay.