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Gas and oil prices hit records even as demand weakens

usatoday.com — The upward trend in energy prices showed no sign of abating Wednesday as gasoline set another record at the pump and crude oil topped $112 a barrel for the first time in the futures market. The national average price of a gallon of regular unleaded gas rose 1.2 cents to a record $3.343 a gallon, according to a survey of gas stations by AAA.

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  • Joscarfas, on 04/10/2008, -0/+4Theoretically, a decrease in demand should bring prices down. However, all the record profits reported by the oil companies (profits that are all the way up in the billions) indicates to me that we won't see a significant drop in prices at the pump anytime soon.

    These profits can easily act as cushions and compensate for the decrease in demand, I don't think they're suffering or even feeling the decrease at this point.

    The oil companies know very well that the world runs on oil. Eventually we would have to buy their product whether we like it or not. I think that's how they see it.
  • WBG4, on 04/10/2008, -0/+3Precisely, the economy runs on oil. Not dollars, euros or gold, oil.
  • inactive, on 04/09/2008, -2/+5Damn, I feel sorry for you people that still drive.
  • mattowan, on 04/11/2008, -2/+2Drill ANWR now.

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