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Are Gas Prices Really Dropping?
You've heard the rumors. Gas prices appear to be on the way down. It's hard to come to that conclusion when you're still paying more than $3.50 per gallon and fondly remembering all those misspent $1.50 gallons of your youth. But it's true. Gas prices are indeed heading downward ever so slowly. The buck-fifty days are gone forever unless you have a VW that can run on vegetable oil. But CNN recently reported that a survey of credit card use at pumps around the nation revealed an 8 day slide in gas prices. The current average is $3.65. New Jersey had the cheapest prices at $3.43.
The easing of pain at the pump is mainly because crude oil prices have dropped significantly over the past month. Now analysts are talking about when they will hit $100 per barrel instead of when they will rise above $150. The reason for the drop? Worries about a lack of demand and the relatively calm hurricane season. So if you are looking to hit the road this fall, you might be spared from the $4 per gallon price tag.
Filed under: Business, Transportation, News
Reader Comments (Page 1 of 1)
Mikael Mannberg Sep 8th 2008 12:04PM
This is probably where I should mention that the gas price here in the UK is $2 per litre, which works out to be $9/gallon. If only it was $4/gallon here!
Fallyn Sep 8th 2008 3:38PM
Last week I paid 3.32 here in Virginia Beach. Cheaper then New Jersey
Kathryn Hill Sep 8th 2008 6:20PM
The buck-fifty days are gone forever unless you have a VW that can run on vegetable oil.
Ummm, no, not true. Biodiesel is $5.30/gal here in San Francisco, while regular gas is at $3.93/gal. Biodiesel might be cheap in places like Brazil, but certainly not the US (yet.)