Keep up the good work people, we just need one more dollar to hit the magic $117/barrel

"Light, sweet crude for September delivery finished the session down 59 cents at $118.58 a barrel on the New York Mercantile Exchange. It was crude's lowest settlement price since May 2; prices earlier fell as low as $117.11, a $30, or 20 percent, drop from their trading high of $147.27, reached July 11. Some investors believe a 20 percent pullback signals the beginning of a bear market.

At the pump, falling crude kept weighing on prices. U.S. filling stations hungry for business ratcheted down the price for a gallon of regular on average by another penny overnight to $3.862, according to auto club AAA, Oil Price Information Service and Wright Express. Prices have now fallen more than 6 percent from all-time highs above $4 a gallon reached July 17.

Oil market traders are paying close attention to see if oil falls below $117, a key resistance level expected to trigger a rash of technical selling by computers programmed to dump oil contracts once prices fall below a certain threshold.

"There's a line in the sand just below $117. If you close below that, it signals traders are giving up on the bull market in oil," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. "Subsequent rallies may take us higher, but the highs for the year have probably been put in."

Full Story: http://biz.yahoo.com/ap/080806/oil_prices.html

 

so when should i get gas

 

More good reading
Why Oil Will Keep Falling
http://finance.yahoo.com/expert/article/yourlife/98378

 

Usually when that little light comes on

 

But at the end of the day, we all still like to drive and will pay to drive so as long as the gas is cheaper than it was a week ago, i'll be happy

 

I'm not asking for much but I'll be a very happy camper once Premium fuel goes down to $4.00/gal.

 

i put 35k last year on my s2000. i love to drive it.

 

 

it depends on which gas you refer to

but i guess "never" is the answer to your question, doesn't matter which gas you're talking about

 

Oil sinks on stronger dollar to $115 a barrel
Friday August 8, 6:25 pm ET
By Madlen Read, AP Business Writer
Oil plummets as dollar's jump, signs of slowing growth lure investors out of energy to stocks

NEW YORK (AP) -- Oil prices dove to $115 a barrel on Friday, driven lower by a huge jump in the U.S. dollar, signs of moderating demand around the world and the burgeoning belief that commodities may have peaked.


Shrugging off concerns about a sabotaged oil pipeline in Turkey, investors pulled their money out of commodities and put it back into stocks -- giving crude oil a weekly loss of nearly $10 a barrel, and driving the Dow Jones industrial average up more than 300 points.

With energy losing its luster in the marketplace, the cost of roadside gasoline has been crawling lower. The average retail price for a gallon of gasoline slipped to $3.836 Friday. That's down about a penny from Thursday, and down nearly 28 cents from the record high of $4.114 reached July 17.

"We're probably going to see gasoline at the retail level around $3.50 for Labor Day," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

Light, sweet crude for September delivery slumped $4.82 to settle at $115.20 a barrel on the New York Mercantile Exchange -- its lowest settlement since May 1, when it settled at $112.52. During Friday's trading, crude dipped as low as $114.90. Prices for gasoline, heating oil and natural gas also dropped.

Many analysts have pointed to the $117-a-barrel mark for crude oil as technically significant -- a move below this level suggests, they say, that oil's recent slide is more than a brief pullback. Crude is now down $32 from its high of $147.27 on July 11.


Full Story-> http://biz.yahoo.com/ap/080808/oil_prices.html