October 20th, 2008
(Thanks to Cranky Flier for the heads up.)
The head of the Transportation Security Administrations said earlier this month that the ban on liquids could be relaxed by this time next year because they have equipment that can detect dangerous liquids. That could be a welcome end to the 3 ounce, 1 plastic bag rule. Travelers everywhere cheer. But wither the “tiny bottles sold at airport gift shops for outrageous amounts” market?
October 20th, 2008
OPEC is talking about cutting oil production to stop the slide in prices, with suggestions that it could be in the neighborhood of 1 to 2 million barrels per day.
This while, “Deutsche Bank AG lowered its 2009 crude-oil price estimate by 35 percent to $60 a barrel, citing the possibility of a `’major world recession.’” Analysts say if OPEC limits its cut to 1 million, oil could still fall below $60.
The always entertaining Phil Flynn thinks OPEC can’t push prices up above $80 a barrel for a sustainable length of time, unless the economy really turns around or the weather does something funky.
“Long term oil is headed to $50 but with the swings we could see sizeable upswings along the way,” Flynn said.
October 20th, 2008
We finally hit a few milestones this weekend. The average gas price for the Rockford metro area fell below $3 a gallon, then continued to fall to its lowest level of the year. Now, gas in Rockford costs less than it did a year ago.We’re even close to overtaking the national average.
I see prices in the city at $2.89 a gallon this morning, suggesting the metro average will fall further. How far will this drop?
Here are the numbers (as always, courtesy of AAA’s fuelgaugereport.com):
Gasoline: Rockford dropped three cents to $2.93 a gallon. We still have the second-highest gas prices in the state - one cent above East St. Louis while 36 cents behind Chicago. The Illinois average dropped three cents to $3.09. The national average dropped three cents to $2.92. Illinois has the 11th-highest gas prices in the nation.
Diesel: Diesel, not so much. Rockford rose more than a cent to $3.68 a gallon. A year ago, it was only $3.16 - this shows how global demand for diesel and related fuels is even stronger than for gasoline. It still has dropped 40 cents in the past month, which is at least some relief. We have the fifth-highest diesel prices in the state. The state average dropped more than four cents to $3.76. The national average dropped three cents to $3.64. Illinois has the ninth-highest diesel prices in the country.
