April 8, 2003


Gas Prices Will Keep Falling, U.S. Says (H. JOSEF HEBERT, Apr 8, 2003, AP)
After falling nearly a dime in three weeks, gasoline prices are expected to keep sliding to a national average of $1.56 a gallon this summer thanks to lower oil prices and optimism about the war in Iraq, the government says.

The Energy Department's statistical agency revised its price forecast sharply downward Tuesday to reflect the recent fall in crude oil prices. But it also warned of uncertainties that could cause prices of both crude oil and gasoline to rebound.

The price of crude, which hit a high of nearly $40 a barrel on Feb. 27, was around $28 a barrel on the New York Mercantile Exchange on Tuesday. It has dropped by about 20 percent since the war began in Iraq.

A month ago, before the war in Iraq, the agency predicted gas prices would average more than $1.70 a gallon through the summer, hitting 1.76 this month.

Instead, gasoline prices have dropped about 10 cents a gallon over the past three weeks from a high of $1.73 a gallon in early March. The national average was $1.63 a gallon on Monday, according to the EIA.

"I believe we have seen the peak," agreed Kyle Cooper, an energy analyst for Citigroup in Houston.

If this war is about the oil, we won. Posted by Orrin Judd at April 8, 2003 8:24 PM

If this is a war about tourism to Hawaii, we won that one,


Before it started our congressional delegation and the protesters alleged that war would ruin Hawaii's economy.

I contended that although it would initially hurt the

tourist trade, in the long run, it would be the biggest

bonanza since the invention of the jet airplane. No

American will take an overseas vacation for the next

five years, and so they'll have to come here.

It was wrong. There hasn't even been a temporary dip, except in Japanese tourism.

Last night, I learned that while two groups have canceled meetings in Hawaii, five have shifted meetings

they planned in Europe to the islands.

This morning, I found that jewelry sales are up 10-15%.

Posted by: Harry Eagar at April 8, 2003 11:42 PM

War for more tourism to Hawaii?

But Bush never mentioned that!

More unmistakable proof that he was lying about this war.

Posted by: Barry Meislin at April 9, 2003 9:31 AM

Didn't take long to prove their first prediction was a load of hooey.

Posted by: Regards, Jeff Guinn at April 9, 2003 11:15 AM