Gas $2.03 in Los Angeles – Great News

Yesterday, I saw gas for $2.03. Shocked!! The thought of gas being under the $2 mark is not only possible but likely. This is the short term good news. This helps put money back into to the pockets of American. This is a good thing.

Gas Prices
This past July (08), gas in Los Angeles (my area) hit a record high of $4.80 (I buy my gas at Costco, where gas is discounted by .10 or more.). Some areas in Los Angeles hit the $5.00 mark.

DJI
October 2007 the DJI was trading at 14,000+ Fast forward one year and the market was down to 8,175. Come November 2008 the market went below 7,550.
Gas prices are down 57% from the summer peaks. The DJI has almost lost half its value, which translates to trillions of dollars of wealth wiped out in less than a year.

While I am happy gas price have dropped, the economics that have orchestrated this drop is very disturbing.

Related posts:

1. 3349 Oakhurst Ave Los Angeles, CA 90034 Update PRICE UPDATE: We featured this REO property on October 9th 2008, one month ago. It was originally listed at $534,900....
2. 916 GRANVILLE Ave LOS ANGELES, CA 90049 REO Make no doubt about it, times are tough. We find a new market emerging in Brentwood CA. REO? Yes,...
3. Los Angeles 40% Price Decline CNN/Fortune is predicting Los Angeles will face a 40% decline in home pricing in the next 5 years. They are...
4. 3349 Oakhurst Ave Los Angeles, CA 90034 Property Status: Bank Owned REO Housing Detail: 2 bed Room and 1 bath Year Built 1940 Neighborhood: Cheviot Hills...
5. Long Voting Lines in Los Angeles More long voting lines… My 75 year father in law went to vote this morning in Los Angeles California, and...
6. Los Angeles has Fallen All counties are now in negative pricing territory. Los Angeles, the last county in California to have a positive year...
7. November Home Sales and Prices in Deep Plunge According to cnnmoney.com, the number of home starts in November dropped 8.6% even when home prices are dropping at a...