Gas up or down? Which comes first for regular gas - $2.55 or $2.70

Settled as Gas falls to $2.55 first

Reports were released early Sunday morning showing that the price had dropped below $2.55, listing the price as $2.549.

Settlement will be made for 3 AM EDT on July 11, which is the approximate time of the data being released.

Background:

Background: NEW YORK (CNNMoney.com) -- One year ago, on July 3, 2008, oil prices settled at a record high -- a once-unthinkable $145.29 a barrel

On Thursday, it settled at $66.73, less than half the record price, following a $2.58 decline.

In between, a global demand surge morphed into a global economic slowdown -- one that would drive the price of oil as low as $33.87 in December -- followed by the partial recovery that has been underway since.

A year ago, oil was driven higher by two factors. One was the emergence of new global economic powers such as China, India and Russia, competing with the United States and the West for the world's oil. The other was a weak dollar, the currency of crude trading.

"Last year, we had a very weak dollar at the same time that we had very strong demand, insatiable demand," said James Cordier, founder of OptionSellers.com, a commodity brokerage.

But first, the high oil prices led to a curb in that demand. Then, weakness in the housing market and instability in the banking sector following the collapse of Lehman Brothers began to weigh on the world's economies -- particularly in the United States, the world's biggest oil consumer.

Confidence shriveled, and investors pulled cash out of assets that involved risk -- such as oil and stocks -- and moved cash into the safe haven of Treasury debt.

Settlement details:Price for regular unleaded gas as reported by www.fuelgaugereport.com on August 3rd around 3 AM. This market will suspend on Saturday, August 1st.

Forecast history %

Gas falls to $2.55 first

99%

Gas rises to $2.70 first

Gas does neither before August 3rd

Settled as Gas falls to $2.55 first on Tue 14th Jul 6:50am PST

Activity: H$36,714
Predictions: 80
Comments: 0

Suspend date: Sat 1st Aug 7:59pm PST
Settlement date: Tue 14th Jul 6:50am PST
Prediction cut-off: Predictions on this question after Fri 10th Jul 11pm PST have been voided because they were made after the question could be settled

Initial likelihoods: Gas falls to $2.55 first: 25%, Gas rises to $2.70 first: 40%, Gas does neither before August 3rd: 35%

Action history:

Created Thu 2nd Jul 10:32pm PST by

adammccormicks Level 11, Legend (H$19,285)

Settlement requested Sat 11th Jul 1:38pm PST by

adammccormicks Level 11, Legend (H$19,285)

: $2.549 today, please settle as $2.55 www.fuelgaugereport.com

Settlement requested Sun 12th Jul 12:40am PST by

tuff_sledding [Power User]

: not my question, but we got there yesterday! Regular hit $2.549 yesterday, down to $2.537 today..

Suspended Sun 12th Jul 10:30pm PST by

sdchargers [Power User]

: Suspended pending settlement

Settlement requested Sun 12th Jul 10:30pm PST by

sdchargers [Power User]

: Regular gas is below $2.55
http://www.fuelgaugereport.com/ (market suspended)

Settled as 'Gas falls to $2.55 first' Tue 14th Jul 6:50am PST by

bayoubear [Admin]

: Reports were released early Sunday morning showing that the price had dropped below $2.55, listing the price as $2.549.

Settlement will be made for 3 AM EDT on July 11, which is the approximate time of the data being released.

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