Labor Day Gas Prices Down?

News Type: Event — Seeded on Sat Aug 9, 2008 2:13 PM EDT

Article Source: AOL

us-news, economy, money, oil, energy, finance, gas, finances, gas-prices, crude-oil, retail-gas

Oil prices dove to $115 a barrel on Friday,

when crude oil suffered a weekly loss of nearly $10 a barrel, 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. We're probably going to see gasoline at the retail level down to .......(more)

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Jerry Verlinger's Column, All of Newsvine
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Jerry Verlinger

"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 Option Sellers.

Light, sweet crude for September delivery slumped Friday on the New York Mercantile Exchange to its lowest level since May 1. During Friday's trading, crude dipped as low as $115per barrel. Prices for gasoline, heating oil and natural gas also dropped.

Analysts have pointed to the $117-a-barrel mark for crude oil as significant, suggesting that oil's recent slide is more than a brief pullback. Crude is now down $32 from its high of $147 on July 11.

Lehman Brothers chief energy economist Edward Morse issued a research note Friday saying that, barring a physical disruption to supplies, "we think oil prices have peaked."

This seems to be good news for all of us, if the analyst are right. We were hearing that gas would be at $5.00 by labor Day if not higher, and could be as high as $8.00 by this time next year.

The question: Will this trend toward lower prices continue? Or, is it just a temporary dip, and if so, how temporary?

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#1 - Sat Aug 9, 2008 3:07 PM EDT

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JERRY VERLINGER

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Labor Day Gas Prices Down?

Oil prices dove to $115 a barrel on Friday,

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