$1.94 a gallon gas is cheap?

Wichitans have one more thing to be thankful for this Thanksgiving week: Wichita has the cheapest gas in America, according to the latest Lundberg Survey of 7,000 gas stations around the country. At the time of the survey last week, Wichita’s price for a gallon of regular unleaded was $1.94, while the national average was $2.24. Now, our price is even lower. Of course, it’s all relative. Last Thanksgiving, no one would have thought that $1.94-a-gallon gas was cheap.
Posted by Phillip Brownlee

4 Comments

  1. Ed Friedemann
    Posted November 21, 2005 at 1:54 pm | Permalink

    If stupid Bush and his buddy Sharon will stop threatening to “nuke” the oil fields the price will continue to come down.

    But now that the Israelis know that the price of oil futures will shoot-up if they threaten to “nuke the oil fields again, they’ll be buying oil futures now, while they’re low, then threaten to “nuke” and then sell off.

    They must have made a fortune the last time.

  2. CF
    Posted November 21, 2005 at 2:10 pm | Permalink

    Here’s what the Free Market News has to say about the current gas price situation:

    **********************************

    “If you have celebrated the recent fall in gasoline prices, then I suggest that you take off that stupid-looking party hat, sober up, walk over to the telephone and buy oil and oil stocks, because James Howard Kunstler, in his Commentary on the Flux of Events, writes, “Since the hurricanes shredded our Gulf of Mexico oil and gas capacity, Europe has been sending us 2 million barrels of crude oil and ‘refined product’ a day from its collective strategic petroleum reserve. Now, the important part of all this is that last week the International Energy Agency (IEA), Europe’s energy security watchdog, declared that it would now end the 2 million barrel a day shipments to the US.”

    He doesn’t even mention the part about how our government opened the taps of the Strategic Petroleum Reserve to flood the market with oil, or the fact that the government is going to have to, soon, buy more oil to replace what was released from the SPR.

    And speaking of the IEA, they also calculate that global oil demand will increase by 1.75 million barrels per day in 2006, mostly due to increased demand from China and India. This is an increase in demand of approximately 2%, while supply is expected to increase by a smaller amount than that. It doesn’t take a PhD in economics to realize that demand rising faster than supply means higher prices. In fact, it takes no education at all, as all you have to do is stand within earshot of me, and you can hear me yelling “Buy oil and oil stocks!” And if you stand not only within earshot, but also downwind of me, you can smell me, too, but that doesn’t say anything about oil, but only why I am so lonely. And blue. Lonely and blue. And angry. Very, very angry all the freaking time, because our money and our economy are being destroyed all the freaking time.

    In short, says Mr. Kunstler, “We can look forward to watching the price of gasoline, heating oil, diesel and aviation fuel kick back up through Thanksgiving and on into the heart of the Christmas shopping season. At the same time, homeowners will be getting their first substantial heating bills of the season.” Ugh.”

    http://www.fmnn.com

  3. Galahad
    Posted November 21, 2005 at 3:00 pm | Permalink

    http://www.freemarketnews.com/WorldNews.asp?nid=2217

    Gas prices and Bush approval. The math geeks call it an “inverse relationship” if I remember high school.

    Bush approval at 34 percent, down from 37 percent last month, down from 50 percent last year.

    Lame duck? More like dead duck.

  4. Jed
    Posted November 21, 2005 at 3:37 pm | Permalink

    Galahad,Tying Bush’s balloon to gas prices, while probably accurate, tends to ignore all the real reasons we should dump this administration and it’s so-called thinking! Do we really need to reduce everything to the lowest common denominator?