Of course, after the Great American Land Giveaway To The Poor, Poor Oil Companies (aka “offshore drilling”) goes either yea or nay, those prices might once again be subject to upward pressure, Larry me boyo.

I’ll bet Larry hasn’t even bothered to check his tire pressure or get his 7-liter engine tuned…

I paid $3.98 for gas this week, first time below 4 bucks in many months. Better than $4.50, but not that much better.

OTOH, I was waiting to find out who the first right-wing idiot would be to claim this tiny reduction in price somehow vindicates some stupid Reichwing policy — Larry, you’re it…

3.56 here in Pa. Gold is “down” to 855.00. Lets corner the market, what d’ya think Larry?

I saved $1.60 filling up my car today. I’m going to Disneyland and then buy me a McMansion.

The Republican belief that words are more meaningful than actions is on full display again.

The Stupid: “Prices are down since Bush started chanting DRILL, DRILL, DRILL.”

The Reality: Demand is down because gas is so fucking expensive, people are taking public transportation, among a thousand of obvious market-based reasons.

Kudlow: “That’s a more than 20 percent drop from its peak in mid-July, about the time President Bush launched his drill, drill, drill offensive to roll back the moratorium on offshore and domestic production, including shale and ANWR.”

Plain English: “The price of gas is down because the GREATEST PRESIDENT EVAH wills it to be so!”

I say, when the oil companies start drilling the leases they already have, then, and only then, we can talk about ANWR.

Doesn’t the price of gas always go down at the end of the summer, just as it goes up at the beginning of the summer? Down below $4 for the first time in months around here, but it’s no great surprise. With the end of the summer road trip season and people making smarter choices, of course the price is going down.

paulbeard, why are you contaminating this perfectly decent thread with those fact-like things?

Christ, if the prices keep falling like this we’ll need some sort of Marshall plan for those poor oil companies. Breaks my heart to see them suffer.

Someone needs to buy a hummer, if only to drive over these soulless rightwing nutjobs who have brains they refuse to use for some reason or other I will never understand or forgive. I’m beginning to think they are genetically defective.

“But it’s really GREAT shit…” [/firesign]

Hmm, according to bigpicture.typepad.com, Barry Rithold’s econoblog (Very much worth reading if you like that sort of thing), oil prices are declining not because of Dubya’s magic powers, but because of a cute little thing called Demand Destruction. Demand destruction occurs when the economy contracts, not when Duyba squints real hard and grunts out “get er done”.

Demand destruction has occurred because of not just a slowdown in the US economy, but in the world economy as a whole. Global recession is tiptoeing around the corner, and I do hope they stick with that “the Bush economy is FABULOUS and McCain will keep it just like it is” meme for at least 3 more months; their timing couldn’t be better.

The combination of expected future supply increases and a pullback in demand is working to bring down prices.

Well, mostly the latter I suspect. If Larry believes the former, he must be back on the blow.

As a Wall Streeter, I’ve had to listen to this intellectually dishonest hack on CNBC for what seems like a gazillion years. He is the Sean Hannity of the financial world, and very few people outside the deadenders and the Pigs-at-the-Trough-Turned-Socialist-Corporate-Welfare-Recipients take what he says seriously. Drill this.

Thank you Hatmandu; Kudlow makes me retch and I am glad to hear that most of Wall Street thinks he’s a moron. I concur.

Kudlow makes Jim Cramer seem like a soft-spoken genius.

hahahahaha!
You people have stolen all my bestest lines!

So nice to be back here after not surfing the web on work my free time.