Monday, October 6, 2008

Gas Price Survey

Rick at SFDB points to an article in the Miami Herald that tells us oil prices fell to an 8-month low — below $90 a barrel — and that “[o]il prices have tumbled nearly 40 percent since peaking in July.”

Great. Now the question is, of course, when will that show up at the pump, or will it at all? Prices jump up at the first sign of bad weather in the Gulf of Mexico, but bringing them back down is a bit slower. Yes, I know there are factors involved like futures buying and so forth, not to mention the speculation that goes with it.

The down side of falling oil prices is that it is caused by speculation that demand for oil will fall because we’re entering a global recession. Yip yah.

So it’s time for the semi-regular gas price survey. I paid $3.64 this morning at the Sunoco station in Miami Springs (and turned in 22.5 mpg for the week). What’s it like in your part of the world?

UPDATE: Driving home tonight past my gas station, they have lowered the price to 3.59. Sheesh.