Posted on 11/14/2008 12:49:02 PM PST by Slapshot68
Retail gasoline prices fell further overnight, bringing the decline since the summer's record high to nearly $2 a gallon, according to figures released Friday. The national average price for a gallon of regular gasoline fell 2.6 cents to $2.152 from $2.178 Thursday, according to a daily survey for the American Automobile Association. The price of gas has dropped $1.962, or 48%, since hitting an all-time high of $4.114 in July. Gas prices have declined for 58 days in a row, tumbling more than $1.70, or 44.2%, in that time. Friday's national average price is the lowest since Jan. 31, 2007, when it was $2.151. The states with the highest gas prices were in Alaska, at $3.221 a gallon, and Hawaii, at $3.079. Missouri had the cheapest gas in the nation, at $1.864 a gallon, and is one of 9 states with average prices below $2. Even as gas prices fall, demand has continued to slip. MasterCard's weekly survey of gas station credit card swipes showed demand down 4.2% last week, compared to the same period last year. The rapid decline in gas prices comes as the price of crude oil continues to collapse. Crude prices, which make up roughly half of gasoline prices, have fallen more than 60% since hitting a record $147.27 a barrel on July 11. Crude for December delivery settled at $58.24 on Thursday.
(Excerpt) Read more at finance.yahoo.com ...
They go down another $2 and I won’t have to siphon in the bowling alley parking lot.
1.65 here in Indy
filled up my Saturn for 15 bucks, LOL
“the good old days”
Ironic isn't it that the price came down too late to help Republicans, but just in time to have a positive impact on inflation by the time Obie gets into office. Just sayin'.
Is the increased demand by China and India still responsible for the rise in gas prices?
1.65 in Houston
Well maybe GM and Ford can move some of those trucks and SUVs now. Of course, you’ll need to have extremely good credit or bring cash.
The gas prices go down 10 cents per day lately. Still not below $2.00 here just yet, but I did almost fill up my SUV for $40.03 the other day. Used to be getting filled up for under $60 was a good thing.
Only partly.
A guy i know at the local Ford dealer says he has no more problem than before financing people.
Yes! I noticed the same irony as well. I get a sense though that Barky will not get a free pass for long - OPEC is meeting in two weeks to discuss more oil production cuts!
Supply & Demand! /sarcasm
If Congress is going to implement an oil windfall profits tax, they better hurry! (unless of course they make it retroactive to 2007).
They say “demand is down.” Well, I’d like to see American and world-wide monthly production/consumption figures. Then we’d know whether the high price in the summer was speculation or manipulation, or at least a goodly portion of it.
Thackney, any info?
Will they blame this on Bush?
IMHO the high fuel prices had a huge affect on our economy last summer and hastened our slide into recession as well as the financial meltdown, and even the GM/Ford meltdown since SUV's were their bread and butter sales vehicle.
Funny how it started to go down as soon as it became an advantage to the GOP. I always thought the China/India demand cause was BS because it happened so quickly.
I’m sure Barry will do his best to drive the price back up.
To win the war we need to get them down further and keep them there.
We’ve been dropping ten or fifteen cents a day for the last few weeks. Today is the day we dropped below $2.00 WAHOO! (Southern Utah)
First time it was down below $2 a gallon in my hometown since I moved back in 06.
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