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By Jeremy Schiffres, Daily and Sunday Freeman, Kingston, N.Y.

Friday, November 21, 2008

Not as cheap as it should be

I know I've made this point before, but it bears repeating:

We're still getting robbed at the gas pumps.

The price of crude oil is now 67 percent off its midsummer high. It topped out just above $147 a barrel in July and closed on Thursday at just over $49 a barrel.

But in the same time period, the price of gas has fallen only about 47 percent - from its local summertime peak of $4.19 to about $2.20 today.

Don't get me wrong. I'm not complaining about gas being down to $2.20, esepcially in the current economic climate. But simple math (taking 67 percent off $4.19) dictates that gas should be selling locally for about $1.38 a gallon.

Still feel good about paying $2.20? Probably not as much.

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