Fuelishness! Feed

July 30, 2008 · Filed Under Fuelishness!

Oil has fallen more than $23 a barrel, or 16 percent, since peaking on July 3. Gasoline has slipped below $4 a gallon and is dropping fast as Americans drive less. Natural gas prices, which had risen the fastest this year as traders anticipated a hot summer, have fallen 33 percent since the beginning of theÂ month.
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Republicans and Democrats on Capitol Hill are in a stalemate over how to rein in energy prices. Using the country’s frustration as leverage, the president is trying to build pressure on lawmakers to take action before they leave town for their August recess.
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Police in Manila are looking to convert their patrol cars to run on a mixture of diesel and used cooking oil from McDonald’s, officials and the company said Tuesday.Â
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Â Why does it seem like gas prices go up faster than they come down?Â
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When retail gasoline prices are rising, consumers search harder for the best price; when prices are falling, consumers ease up on search.