RSSUS Gas Price Marks Biggest Drop Ever … However, Still Not Low Enough
With fears of a global recession and a declining demand, the price of crude oil was down to $77.70 a barrel on Friday. US travelers have also been conserving, car pooling and traveling less since gas priced previously sky-rocketed to over $4.10 a gallon. Even though gas prices have come down, with prices at $78 a barrel … the cost at the pump should be under $3.00 a gallon. Oil companies still have a ways to go with the price so not to gouge “We the People”.
(Reuters) - The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.
The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on Oct. 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey.
It was the lowest national average price since March 21, 2008. Since peaking at $4.1124 on July 11, the average cost of a gallon of gas has receded by 80.45 cents. Diesel fuel fell 21 cents to $3.95 a gallon, the first time since March that it has been below $4.00 a gallon.
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2 Responses to “US Gas Price Marks Biggest Drop Ever … However, Still Not Low Enough”
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I wonder if it’s a Hobson’s choice … while the stock market and economy go down, oil will follow.
But if stocks and the economy rebound, will oil prices do the same?
Down to 2.84 in my neck of the woods. Woot.