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Quick Hits: Gas $2 a Gallon Again; Hell, Earth to Freeze Over


Brief scrutiny of today's headlines.

The price of a gallon of gasoline has dipped below $2 a gallon in the Omaha, Nebraska area.

This is the free market at work - not the usual magic from Warren Buffet, the Oracle of Omaha.

Demand for fuel as dipped as the economy soured. This has sent the price of a barrel of oil tumbling from a record high of $147.27 on July 11 to today's price of $65.82 on the New York Mercantile Exchange. That's a drop of 55.31%.

On Tuesday, AAA Nebraska said the average price of a gallon of gas was $2.28 a gallon in the Cornhusker state. Like many places throughout the nation, gasoline cost $4 or more in July.

But don't look for a stampede back to gas-guzzlers anytime soon. Consumers are hoarding cash in an uncertain economy and the price of fuel is sure to rise when the economy rebounds and demand climbs.

Tight credit has hammered auto sales and automakers are shifting production to smaller, fuel-efficient cars.

Gather ye $2-a-gallon-gas while ye can, gentle reader.
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