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If it does, we may have more than just a bad recession to worry about. (http://www.msnbc.msn.com/id/12400801/)

http://www.cleanmpg.com/photos/data/501/1920_Ford_Model_T_Cartoon.jpgAP - Dec. 05, 2008

With all that comes with it - not worth the cost -- Ed

Oil prices hit four-year lows Friday as employers cut the highest number of jobs in 34 years. The continuing decline in prices is so dramatic and so sudden that it is raising the prospect that gas prices could soon fall below $1 a gallon.

The worst jobs data in 34 years on Friday just added more fuel to the deepening global recession as U.S. employers slashed a far worse-than-expected 533,000 jobs in November and the unemployment rate rose to a 15-year high of 6.7 percent.

A gallon of gasoline can be had for 50 cents less than it cost just last month, and people are starting to talk about $1 gas...http://www.msnbc.msn.com/id/12400801/

Gas should bottom out soon...possibly around 1.18/gallon, then the same drop we have now will rise gradually. The gov't will probably increase gas tax causing prices to hover around $2-$3 while revenue builds for the auto industry to retool and discontinue their "contract" with OPec.

In London, January Brent crude slipped by $2.42 cents to $39.86 on the ICE Futures exchange.
Is that the Internal Combustion Engine Futures exchange?

Gas prices seem very low compared to $4.00, but I think $4.00 was over priced. If you take 0.97 in March 1999 and say it should have increased approx with inflation (4%) then gas should be $1.44 in March 2009. Even if you go back to 1992 when gas was at $1.00, it would still only be $1.95 in 2009 at 4% inflation.

Cheap oil and gasoline will do a lot to encourage more consumption and the price will inevitably rise. In the meantime, oil production capacity will drop, since it's not worth it right now to look for expensive oil that's under 8,000 feet of ocean water, and another 10,000 feet of rock. The price of oil simply won't allow that...

Harry

I just did some really quick calculations and, at the rate of a quart a day(my last summer's average daily use), I could go ~150 days for about $12.:cool: