Friday, December 5, 2008

January Gas Futures Below $1

Finally, some good news (although good, for the wrong reason --- no demand). Per the AP (bold mine):

The unprecedented decline in energy prices has provided some relief to consumers and businesses, it has occurred as the nation dips into recession.

Fewer people have jobs to drive to. Gasoline futures for January delivery closed below a dollar, with optimism about the nation's economic health in serious decline.

It was the first close below $1 since 2006, when gasoline began trading in the current format. When gasoline included the additive MTBE, it last crossed the $1 barrier in February 2004.