gasoline is down because oil is down.
oil is down sharply because
1) traders are correctly expecting a global economic slowdown to reduce demand, and therefore prices go down
2) the dollar has strengthened sharply in recent weeks, on the perceived (and flawed IMO) "flight to dollar quality" from other currencies that are becoming train wrecks. put more simply: everything's gonna suck, but the USD is going to suck less.
why is #2 important? commodity prices, expressed in u.s. dollars, are INVERSELY related to the value of the U.S. dollar.
Of course, people are going to continue to blame fat cats and Bush. blah blah blah.
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