$25 oil, $1 gas?

[Teacher Mark 53]

I would rather pay two dollars per gallon and have a good economy,than pay a dollar and be unemployed!!!

Agreed.

[rocks 494]

I would rather pay two dollars per gallon and have a good economy,than pay a dollar and be unemployed!!!

Agreed.

likewise.

[William33 110]

I would rather pay two dollars per gallon and have a good economy,than pay a dollar and be unemployed!!!

Agreed.

likewise.

3rd that here!!

[Kevin&Leilei 1]

West Virginia is one of the poorest States in the nation and they are paying an average of $1.913. Transportation costs and high taxes are the reason. Southern States actually have relatively cheap gas. Oklahoma and Mississippi are a bit pricey, but not bad overall. I'd say taxes on the fuel is also the culprit.

high taxes in a poor state doesn't make any sense but i expect you're right about that.

Corruption and financial mismanagement.

Here's a list of the tax breakdown by State:

http://www.gaspricewatch.com/usgastaxes.asp

I live in West Virginia, very close to Virginia. Gas prices in Virginia are usually 10 to 30 cents per gallon cheaper.

[mawilson 2,133]

Oil industry analysts at Merrill Lynch say the price of oil could fall to as low as $25 a barrel in 2009 – before moving up again.

Well, what Merrill actually said is that prices could fall as low as $25 a barrel

in 2009 if the recession hitting the US, Europe and Japan extended to China.

That last bit - China (which your article fails to mention) - is very important. Oil

would not fall to $25 without it.

There is however some evidence that the global recession *is* spreading to China.

First of all, the Chinese currency (renminbi) depreciated by 0.73 percent on

Monday. Why is it important? The renminbi is a tightly controlled currency -

a sudden move like that only happens if the Chinese government wants it to.

Therefore, it's a sign of something.

The second sign was the massive $600 billion fiscal stimulus package from the

Chinese government.

The third sign was the surprise interest rate cut of more than 1 percent by the

Bank of China.

All these signs show that the Chinese government now believes they have a problem,

so $25 oil may very well happen.

[William33 110]

Oil industry analysts at Merrill Lynch say the price of oil could fall to as low as $25 a barrel in 2009 – before moving up again.

Well, what Merrill actually said is that prices could fall as low as $25 a barrel

in 2009 if the recession hitting the US, Europe and Japan extended to China.

That last bit - China (which your article fails to mention) - is very important. Oil

would not fall to $25 without it.

There is however some evidence that the global recession *is* spreading to China.

First of all, the Chinese currency (renminbi) depreciated by 0.73 percent on

Monday. Why is it important? The renminbi is a tightly controlled currency -

a sudden move like that only happens if the Chinese government wants it to.

Therefore, it's a sign of something.

The second sign was the massive $600 billion fiscal stimulus package from the

Chinese government.

The third sign was the surprise interest rate cut of more than 1 percent by the

Bank of China.

All these signs show that the Chinese government now believes they have a problem,

so $25 oil may very well happen.

Sidebar, does the Remimbi still peg to the USD, or is it floated, as requested many times by the International Central Banks?

Oh, and don't draw your conclusion from Wiki, as this issue was hot 2 years ago. Although they do recognize the requested float....It doesn't do the USA much good........Given the disparity in trade..But it does float.

Edited December 6, 2008 by William33

[Teacher Mark 53]

West Virginia is one of the poorest States in the nation and they are paying an average of $1.913. Transportation costs and high taxes are the reason. Southern States actually have relatively cheap gas. Oklahoma and Mississippi are a bit pricey, but not bad overall. I'd say taxes on the fuel is also the culprit.

high taxes in a poor state doesn't make any sense but i expect you're right about that.

Corruption and financial mismanagement.

Here's a list of the tax breakdown by State:

http://www.gaspricewatch.com/usgastaxes.asp

I live in West Virginia, very close to Virginia. Gas prices in Virginia are usually 10 to 30 cents per gallon cheaper.

Where in WV? I'm originally from Charleston.

[mawilson 2,133]

Oil industry analysts at Merrill Lynch say the price of oil could fall to as low as $25 a barrel in 2009 – before moving up again.

Well, what Merrill actually said is that prices could fall as low as $25 a barrel

in 2009 if the recession hitting the US, Europe and Japan extended to China.

That last bit - China (which your article fails to mention) - is very important. Oil

would not fall to $25 without it.

There is however some evidence that the global recession *is* spreading to China.

First of all, the Chinese currency (renminbi) depreciated by 0.73 percent on

Monday. Why is it important? The renminbi is a tightly controlled currency -

a sudden move like that only happens if the Chinese government wants it to.

Therefore, it's a sign of something.

The second sign was the massive $600 billion fiscal stimulus package from the

Chinese government.

The third sign was the surprise interest rate cut of more than 1 percent by the

Bank of China.

All these signs show that the Chinese government now believes they have a problem,

so $25 oil may very well happen.

Sidebar, does the Remimbi still peg to the USD, or is it floated, as requested many times by the International Central Banks?

The Chinese government allowed the renminbi to float in 2005 (essentially to

appreciate against the dollar - until now!), but it's still a very tightly managed currency.

[Teacher Mark 53]

Oil industry analysts at Merrill Lynch say the price of oil could fall to as low as $25 a barrel in 2009 – before moving up again.

Well, what Merrill actually said is that prices could fall as low as $25 a barrel

in 2009 if the recession hitting the US, Europe and Japan extended to China.

That last bit - China (which your article fails to mention) - is very important. Oil

would not fall to $25 without it.

There is however some evidence that the global recession *is* spreading to China.

First of all, the Chinese currency (renminbi) depreciated by 0.73 percent on

Monday. Why is it important? The renminbi is a tightly controlled currency -

a sudden move like that only happens if the Chinese government wants it to.

Therefore, it's a sign of something.

The second sign was the massive $600 billion fiscal stimulus package from the

Chinese government.

The third sign was the surprise interest rate cut of more than 1 percent by the

Bank of China.

All these signs show that the Chinese government now believes they have a problem,

so $25 oil may very well happen.

It's not actually my article. I don't start the rumors, I just spread them!

[spookyturtle 9,466]

Before the oil embago in 1973 gas was in the 35 cent range. I remember how appalled people were when it hit 50 cents.

[Kevin&Leilei 1]

Sidebar, does the Remimbi still peg to the USD, or is it floated, as requested many times by the International Central Banks?

Oh, and don't draw your conclusion from Wiki, as this issue was hot 2 years ago. Although they do recognize the requested float....It doesn't do the USA much good........Given the disparity in trade..But it does float.

RMB was pegged to the USD at 8 to 1, but since it was "unpegged," it's now about 6.87 to 1. My 100 RMB bill that used to be worth $12.50 is now worth $14.56.

Where in WV? I'm originally from Charleston.

Other side of the state. Charles Town. It's really annoying how everyone confuses the name for Charleston though.

[Teacher Mark 53]

Sidebar, does the Remimbi still peg to the USD, or is it floated, as requested many times by the International Central Banks?

Oh, and don't draw your conclusion from Wiki, as this issue was hot 2 years ago. Although they do recognize the requested float....It doesn't do the USA much good........Given the disparity in trade..But it does float.

RMB was pegged to the USD at 8 to 1, but since it was "unpegged," it's now about 6.87 to 1. My 100 RMB bill that used to be worth $12.50 is now worth $14.56.

Where in WV? I'm originally from Charleston.

Other side of the state. Charles Town. It's really annoying how everyone confuses the name for Charleston though.

Charles Town.....South Carolina?

[Big Papa Zone 93]

I would rather pay two dollars per gallon and have a good economy,than pay a dollar and be unemployed!!!

Agreed.

likewise.

3rd that here!!

Yep, and ditto here - just as long as it STAYS on around the $2-a-gallon mark. No more of this rollercoaster bollox please.

[Brad and Vika 129]

Oil industry analysts at Merrill Lynch say the price of oil could fall to as low as $25 a barrel in 2009 – before moving up again.

Well, what Merrill actually said is that prices could fall as low as $25 a barrel

in 2009 if the recession hitting the US, Europe and Japan extended to China.

That last bit - China (which your article fails to mention) - is very important. Oil

would not fall to $25 without it.

There is however some evidence that the global recession *is* spreading to China.

First of all, the Chinese currency (renminbi) depreciated by 0.73 percent on

Monday. Why is it important? The renminbi is a tightly controlled currency -

a sudden move like that only happens if the Chinese government wants it to.

Therefore, it's a sign of something.

The second sign was the massive $600 billion fiscal stimulus package from the

Chinese government.

The third sign was the surprise interest rate cut of more than 1 percent by the

Bank of China.

All these signs show that the Chinese government now believes they have a problem,

so $25 oil may very well happen.

Right, and the Chinese government should be nervous too. After all, the Chinese economy has slowed to a 9% rate or something. How terrible! Drastic action is called for here