I remember paying $2.79 a gallon a year and half ago. Then it went up over three dollars and even hit $3.69 here in New York. It stayed up over three bucks for a long time, but has plunged in the last two weeks. This morning I paid $2.59 ($2.89 for premium) on Long Island with most stations priced at around $2.79. It's not scientific, but it seems to me that the prices came down a lot faster than it took for them to rise.
Any opinions from people who know more than I?
Here are the charts that tell the story. The facts speak for themselves....
http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24
Yesterday, I filled up at $2.94 in northern ID.
whio in dayton ohio reported Friday that gas was selling localk for 2.28 a gallon...
In Indy, it's pushing 2.39 and less.....
"Any opinions from people who know more than I?"
I trade oil futures and you are correct in the assumption that prices decline faster than they rally. This is true for all freely traded markets.
In the case of petroleum products they show a definite seasonal pattern. In the summer, when people vacation the demand for gasoline increases and so does the price. After Labor Day driving decreases rapidly and so do prices.
This seasonal has been going on for decades. It's just amazing that the MSM has never figured this out!