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.

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Posted in category National Gas Prices, News

4 Responses to “Gas Prices below $2; The End is Near”

  1. 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?

  2. 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…..

  3. Truck campers says:

    January 12th, 2009 at 1:20 am

    Earlier this year, skyrocketing oil prices pulled gasoline to its highest inflation-adjusted level ever, surpassing prices reached during the oil crisis in the early 1980s. The jump, arriving in tandem with soaring food prices, hit consumers hard and stoked fears of inflation.

  4. dc sports header says:

    March 5th, 2009 at 11:12 pm

    I am still hoping though that the prices of gas will continue to drop so I can drive my gas guzzling American muscle car anytime anywhere.