[pcfrisch]

Currently going for a tad over $40.00 a barrel. Prices unseen since 2004.
This ought to be taking the smile off of Chavez and Ahmadinejad's faces.
I didn't think we would ever see under $3.00 a gallon gas.
But how long will it last?

http://www.msnbc.msn.com/id/12400801/

Oil prices hit four-year lows Friday as employers cut the highest number of jobs in 34 years. The continuing decline in prices is so dramatic and so sudden that it is raising the prospect that gas prices could soon fall below $1 a gallon.
The worst jobs data in 34 years on Friday just added more fuel to the deepening global recession as U.S. employers slashed a far worse-than-expected 533,000 jobs in November and the unemployment rate rose to a 15-year high of 6.7 percent.
A gallon of gasoline can be had for 50 cents less than it cost just last month, and people are starting to talk about $1 gas.

[shartley]

Any company that makes decisions on drastic swings like this is stupid IMO. Yes we have seen a huge drop in prices. But they were riding high on the hog for how many years at INFLATED prices? These low prices will NOT stay, and if we do hit $1 a gallon it will be very short lived.

[stlwagon]

If the government would re-regulate the commodities markets we would see some stability.

[pcfrisch]

Opec dropped production recently by 1.5 million last October which did nothing to stop the plunge.
I wonder if the one coming up this month will have any affect. I have read some of the Opec countries may cheat if they pull another cut.

[tripleblack]

OPEC always cheats. Their changes to production only make a difference when these changes are PERCEIVED by the markets as making a difference!

Its all smoke and mirrors.

[ONEZ ST]

If oil prices remain low enough it should help the economy recover quicker.

We've seen the impact at the pump. Has anyone seen the effect on heating oil?

Or if this will result in a reduction in natural gas and electric rates.

[jim293]

I know this wont last forever so I am just enjoying it while I can.