Gas Prices Still Headed Down

Back at work today, I couldn't help but notice that gas prices were down just a little bit more from the end of last week. I can't tell you just how low they're going to go, but I've got a pretty good idea of when the slide will end. Does anybody want to put any money down that this will last any longer than November 8? I pretty much see prices continuing to drop until the election and then quickly leveling off and turning back around. I'm sure we've still got a couple of people who claim normal market forces are responsible, but I'm not going to take the time to google them tonight. I'd imagine that most everybody by this point realizes that it's all a big manipulation to keep Republicans in office. Too bad it doesn't seem to be working.

The traditional view of such things is that there are many more factors involved in setting prices than mere political calculations. Unfortunately, the timing was just a bit too suspicious, and as far back as a month ago, USA Today reported on a poll that found 42 percent--almost half--believed that prices have been artificially raised. I can't imagine that the number has done anything but go up in the interim. It doesn't help that during the last election cycle, according to Bob Woodward on 60 Minutes a couple of years ago, the Saudis had promised the Prez that they'd keep oil prices low to help the U.S. economy. If they did it before, there's certainly no reason they wouldn't do it again. So you have to be a bit suspicious this time around when a number of OPEC countries keep insisting that they're intending to cut production, but although crude prices went up last week on that assumption, it sure wasn't reflected in the gas station prices I've seen. Instead, crude dipped again today because no one really believes any of the OPEC nations will actually cut back their pumps at all--not yet, anyway. We've still got a few days before election day, so we know nothing will be happening before then. But don't forget to fill up on November 7. Who knows how quickly prices will rise starting on the 8th.