General Question

jkainz's avatar

when do you think the gas prices will go down??

Asked by jkainz (115 points ) March 6th, 2008 from iPhone

and does anybody have a reasonable theory on how to lower the prices of gasoline?

Observing members: 0 Composing members: 0

11 Answers

wabarr's avatar

Not sure that it will. Reduction in price would require a reduction in demand (not likely even if the US adopts stringent MPG guidelines with increasing demand from China and India, etc) or a drastic increase in supply. Oil companies are constantly trying to increase production, but if you believe we are at or near peak oil these efforts are not going to keep up with demand.

Also, from an environmental point of view…rising gas prices may not be a bad thing. Nothing like good old market forces to spur the widespread implementation of alternative fuels.

squirbel's avatar

We will never see 1.50/gallon prices again. That was the cost of gas in my area just before and during 9/11.

cwilbur's avatar

Gas prices will go down when there is less demand worldwide or when there is more supply worldwide.

Demand will go down when there’s another way to make petrochemicals, and when there are alternative energy sources available for transportation. Supply will go up when there is no longer a war being fought in one of the major production areas for oil, or when new oil is found somewhere else.

nikipedia's avatar

No. We are running out of oil. It will stop being available in our lifetime. I expect the economy to switch to corn-based ethanol in the immediate future, which will also not be efficient long-term, so we will have to continue researching alternative energy sources.

TheHaight's avatar

I don’t think prices will ever go down. Sad but true

squirbel's avatar

I hate corn-based ethanol. The major side effect that affects me is the price of milk and corn for food.

Don’t get me wrong, I’m all for green solutions. Just don’t #%$& with the food system.

wabarr's avatar

@ nikipedia – I agree that we will switch to biofuels, and that corn-based ethanol is a likely candidate….although i think it is a bad choice. Not necessarily because of squirbel’s desire to leave the corn for eating (I don’t think a corn based food economy, which we have is good for anybody except corporate corn growers) but because there are tons of other crops (algae, nearly all oil crops for biodiesel) which could produce more fuel on less acreage. The only reason corn is favored is because of the strength of farm lobbyists who benefit from increased corn production and demand and continued farm subsidies.

Brew805's avatar

well, for about $98000 you can get a nice little sports car that goes 0–60 in 4 seconds and runs only on battery. Charging it is equivalent to just over 100 mpg. Also, they DO make cars that run on water, but last I heard they were around a million. But with electric cars… Hopefully they will be more available soon (and not go away this time) and maybe bring gas prices back down…. Hopefully

djbuu's avatar

When companies like Exxon stop posting record breaking profit numbers.

mcbealer's avatar

We should see a small drop at the end of the summer, since it is a Presidential Election year.

robmandu's avatar

< < laughing a little bit at all of the predictions made herein (now looking at $1.87 out the window, 19NOV2008).

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