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Gas Prices Drop

November 16th, 2008 Leave a comment Go to comments

Gas prices have dropped for 60 days straight.  Gas prices have dropped 60% since Summers high.  Gas prices near my house are $2.00-2.10.  The high gas price I remember from this summer was over $4.00 which means that gas prices should drop to around $1.60.  I never thought we would see prices this low again.  Oil prices demonstrate and codify negative circumstances – it is nice to see – since gas prices effect more people directly than does much of Wall-Street’s short comings.

Read the CNN.com/Money.com article referencing the low gas prices.

Gas price drop: 60 days straight

National average price for gallon of gasoline falls to $2.105. Peak was $4.114 in July.

Remember $4 gas? Soon it will be $2 gas.

As the nation’s economy worsens, the demand for oil and gas wanes. As a result, prices drop. And drop. And drop.

The price of gas fell overnight Sunday for the 60th consecutive day.

The national average price for a gallon of regular gasoline fell 2 cents to $2.105 a gallon, according to a survey released Sunday by the American Automobile Association.

A gallon of gas has dropped nearly in half since hitting an all-time high of $4.114 on July 17. It’s been nearly two years since prices were this low, according to AAA figures.

At the high end, drivers in two states are paying an average of $3 or more: Alaska, at $3.181 a gallon, and Hawaii, at $3.049.

But there are now 16 states where the average price has fallen below $2. Missouri had the cheapest gas in the nation, at $1.816 a gallon.

The rapid decline in gas prices comes as the price of crude oil continues to collapse. Crude prices, which make up roughly half of gasoline prices, have fallen more than 60% since hitting a record $147.27 a barrel on July 11.

Crude for December delivery fell $1.20 to settle at $57.04 a barrel on Friday.

  1. March 17th, 2009 at 21:04 | #1

    no wonder why oil demands got lessened.

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