US 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.


Posted October 12, 2008 by
Energy, World | 2 comments

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  • Comments

    2 Responses to “US Gas Price Marks Biggest Drop Ever … However, Still Not Low Enough”

    1. Richard on October 12th, 2008 8:44 pm

      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?

    2. Wendy on October 13th, 2008 3:25 pm

      Down to 2.84 in my neck of the woods. Woot.

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