Gas drops towards $2 -- or less

I knew the big Oil company was taken us for a ride all along. They play game with the gas and price. Now the price of food is out of control and the consumer are struggling. And as a result the OIl company have the nerve to brag to us about the Billion $ profit every quarter.

Exxon Mobil employs 18,000 people and pays 32 billion in taxes

The oil price has fallen from the peak of $145 per barrel to around $60 now, which is a drop of nearly 60%! However, the gas price is still averaging above the $2.4 level in MA. Considering that the highest gas price was around $4, the current should be under $2!!

I remember the gas price went up every single day a few months ago. But I so far have not seen it goes down every day. Who is ripping us of everyday? Who has turned a blind eye to the greedy oil companys?

Interesting how when the country gets serious about alternative forms of energy the price of gas goes down.

Per gallon, GAS is still not where it was when oil was at $60 a barrel before. As long as we allow it the government will continue to take advantage of us. We are now happy to pay $2 a gallon where as before that made me feel like i was getting ripped off! Wake up people and educate yourselves on what our govt is doing to us

I hear SUV sales are back up . . .

People have short term memory - watch you'll be seeing SUV ads on TV within the week.

Before you complain much, tell me how often you walk, bike or take public transportation. If just 5% of the country did more of these things, oil would drop even further. I laugh when I see a suburban mom driving her GMC Yukon or Suburban that gets 9 mph maybe to go to get groceries, etc.

I don't understand. This is the free economy. If people don't like "Big Oil" and their profits, why don't they buy shares of "Big Oil"???

Duhhhhhh.

People here are forgetting a few things. First, taxes account for 42 cents of the cost of gas in Massachusetts. Second, oil prices rose at a meteoric rate and the prices at the pump lagged behind. Refiners were actually losing money for a period.

It takes a little time for gas prices to adjust to crude prices. It's the way the market works. There's no big conspiracy.

I'm as happy as the next person about cheap gas, but I sincerely hope this drop in prices is more due to an overall decrease in demand as people have shifted to smaller cars and curtailed their driving habits. Now is not the time to go back to big SUVs and driving more!

Why laugh when you see the suburban mom driving a big SUV? It's her life, her choice to drive a car that big. If she's complaining about high gas prices, then sure, but just to laugh at her because she's driving a car that's not as fuel-efficient as yours? Classy.

Diamond Fuel in Whitman, MA has cheap gas!! Sheila, you should check them out if you don't live too far away, because they truly seem to drop their prices daily. I just filled up on Monday for only $2.15/gallon!

I know we all love to see the price of gas coming down but in the end somewhere ,someone is digging in our wallets. 1 price goes way down while another goes way up. Whether its food,clothing etc. In the end we STILL pay!

dont be thanking them for the price drop just yet. they know dam well they already did there damage. a lot of people took it on the chin and as always they could care less

Every one of you "hate the oil company" people are idiotic. Have you looked at your 401k or any other mutual fund investment lately? Middle class America owns 55% of "Big Oil" in their investments. Take an in depth look at your investments. Imagine if you didn't own oil shares? "Big Oil" is the only thing saving your retirement accounts from being absolutely worthless.

L-Dawg:
Now it's the governments fault? Take an economics class.

(10) You're right on. Most people who post here and blast so-called "Big Oil" have no idea how the price of oil and gasoline is actually arrived at, don't understand the components of the price, and think that an announcement of the price of a barrel of oil dropping means that the price of gasoline has to magically drop as well. If more people understood how commodities like oil are priced, they're would be more intelligent posts.

I agree with 10 wholeheartedly. There is much more to gas prices than simply crude prices. Oil is used as a hedge and since oil is traded in dollars and the dollar has risen in recent months, this has also contributed to the decrease int he price of crude. There is no conspiracy, it's simple economics.

Sheila: a fair question. Per www.eia.doe.gov/ in 2007 58% of of gas price was crude oil, 17% refining, 15% taxes, & 10% distribution & marketing. With rising crude prices, the crude % should go up (this is the major variable cost) & tax % down (taxes are usually fixed amount per gallon, not % of pretax price). For a sense of the magnitude of these shifts: 2000-2007 average percentages were 48%, 16%, 24% & 12%. If, for sake of argument, average crude cost % was up to 67% @/3'rds) for 2008, & crude prices have fallen 60% from 2008 peak, you'd expect (ROUGH estimates) total price drop of about 40% (0.67*0.60), e.g. from $4.00 to $2.40/gal, this is close to what we've actually seen.

Let us retain the will to cut our consumption, even with less painful prices, and take the leverage away from OPEC. Coal-fired locomotives were once the only game in town, and now they're gone. It's time to move on from oil and win the economic war.

why did i have to pay $2.59 / gal. tonight? who is ripping me off?