Gas Prices below $2; The End is Near
Monday, November 24, 2008 7:46
CNN reported yesterday that the end of the gas price drop is probably near, citing the Lundberg Survey as the source. The average price of gas dropped over 30 cents in the past 2 weeks, dropping below $2 for the first time in almost 3 years.
“The average price of self-serve, unleaded gasoline on Friday in the United States was $1.97,” said Trilby Lundberg, publisher of the Lundberg Survey. “The last time the price was below $2 was on March 4, 2005,” she said.
This is attributed mostly to the drop in crude oil prices. Last summer, when gas prices were over $4 for most areas of the country, crude oil had risen to over $100 per barrel. Friday oil futures dropped to just under $50, marking the lowest point in the dramatic drop in the past 4 months. Of course, the decreased demand for gas, in part due to joblessness and the poor economy, also contribute to the falling prices.
This is all good news, except for the fact that the price drop is probably coming to an end, as the oil market is settling down. Don’t get too excited about seeing gas drop below $1 gallon next month, it probably won’t happen.
crude oil futures says:
November 26th, 2008 at 2:37 am
One barrel of crude oil is 42 gallons so the contracts are actually leveraging the same amount of petroleum or the products. I think the investors are keeping a deep look towards the ups and downs in the crude oil business.
Las Vegas Auto Glass says:
December 10th, 2008 at 9:59 am
Gas is available for Less than two dollars here in Chicago.
I wonder if it has anything to do with the new president?
Cheap old cars for sale says:
January 1st, 2009 at 4:17 am
For the First time ever, the average price of gasoline fell below $2 a gallon…….
California’s average gasoline price was below $2 a gallon……
Though Gas prices have fallen so far and so fast that some experts are concerned Americans who have drastically curtailed their thirst for gasoline might be ready to guzzle again…..