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I paid $4.799 in Cantwell AK. Only bought enough to get back to a more resonable $3.900. On the way home from the airport last night I saw $3.239.
 

Shell Gets Tentative Approval to Drill in Arctic

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Source: The New York Times

WASHINGTON — The Department of Interior on Thursday granted Royal Dutch Shell a key approval needed to begin drilling exploratory wells in the Arctic Ocean next summer, another sign that the Obama administration is easing the regulatory clampdown on offshore oil drilling that it imposed after last year’s deadly accident in the Gulf of Mexico.

The move confirms President Obama’s willingness to approve expanded domestic oil and gas exploration in response to high gasoline prices and continuing high levels of unemployment. It comes as the pace of drilling permits in the Gulf of Mexico is quickening, including the permitting of a Shell floating drill rig for a 4,000-foot-deep well on Thursday, allowing the company to return all five of its rigs to work after a long drilling halt.

Thursday’s decision to tentatively approve Shell’s plan to drill four exploratory wells in the Beaufort Sea off the North Slope of Alaska represented a major step in the company’s efforts to exploit the vast oil and gas resources under the Arctic Ocean, although a number of hurdles remain. The company has spent nearly $4 billion and more than five years trying to win the right to drill in the frigid waters, against the opposition of many environmental advocates and of Alaska natives who depend on the sea for their livelihoods.
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Read more: http://www.nytimes.com/2011/08/05/us/05shell.html
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Good question RMI..I was wondering the same thing..Finally today, in spite of the huge drop in OIL prices..gas was only down from $3.42 to $3.33..only .09..that is so much a rip off..when oil went over a $100/bbl for a few hours, gas jumped almost .15 the next day..
 
Aug. 8, 2011, 5:22 a.m. EDT
Oil futures slump after S&P downgrade
Investors flee risky assets after U.S. credit rating is downgraded

By Polya Lesova, MarketWatch
LONDON (MarketWatch) — Oil futures fell sharply on Monday, as the downgrade of the U.S. credit rating by Standard & Poor’s led investors to reduce exposure to assets perceived as risky and escalated worries about the economic outlook.
http://www.marketwatch.com/story/oil-futures-slump-after-sp-downgrade-2011-08-08
 
Buster said:
Good question RMI..I was wondering the same thing..Finally today, in spite of the huge drop in OIL prices..gas was only down from $3.42 to $3.33..only .09..that is so much a rip off..when oil went over a $100/bbl for a few hours, gas jumped almost .15 the next day..
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No truer words spoken...

Anyway, our gas is down about 5 cents over the week-end... not much considering...
 
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