Gas Prices Below $3 and Falling

Friday, October 24, 2008 12:31

CNN reported today that gas prices are dropping below the $3 mark, giving American consumers worried about conserving fuel some much needed relief.  This information is based on the Daily Fuel Gauge Report released today by the American Automobile Association (AAA).

The national gas price average is now 2.781 a gallon, down 4.1 cents from yesterday and down $1.33 from the highest price reported by the AAA in July, which was $4.114.

The cause for these declining gas prices may not be what you think; Hybrid cars, conservational green environmentalists and the war in Iraq have nothing to do with it.  Apparently it’s because Americans have simply decided to drive less, and use less fuel.  What better way to increase gas mileage than to leave your car in the driveway?

Just 2 months ago in August people drove over 5.5% less than July, making it the sharpest decrease in miles traveled since the U.S. gov’t started compiling data omn how people drive.  Gas consumption for the past four weeks averaged 8.8 million barrels a day, or 4.3% lower, according to the U.S. Department of Energy.

Oil prices dropped $3.96 to $63.88 a barrel, and OPEC has stated it will cut production by 1 and a half million barrels/day starting next month.

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Posted in category National Gas Prices

3 Responses to “Gas Prices Below $3 and Falling”

  1. Radman says:

    March 11th, 2009 at 5:02 am

    I wish there was an easier choice for this.

  2. Free Car Transport Quote says:

    July 30th, 2010 at 6:16 pm

    Yes. ever since crude oil peaked before the recession. Oil production and along with price has fulling and hovered around $75.00/barrel ($2.75/gal).

  3. Chase says:

    July 5th, 2012 at 5:32 pm

    In addition to driving less, we could also make our vehicles more efficient and increase the supply of oil. Both seem like better alternatives to not driving. To some extent, we do need to drive, even if our habits change marginally because of the prices.