Posted on 09/26/2011 8:21:06 AM PDT by Evil Slayer
As gasoline prices keep falling at the pump, analysts are wondering how low they can go.
Crude prices could continue to drop, in part because of lingering economic woes seem likely to keep demand down.
The national average is down to $3.54 for a gallon of regular, and in the city with the cheapest gas, St. Louis, the going rate was $3.08 a gallon as of Friday, according to the Lundberg Survey released Sunday.
Some Central Jersey stations are also in that ballpark. Two stations in Old Bridge, Middlesex County, and one in Marlboro, Monmouth County, have pegged regular at $3.07, while one Trenton station has $3.08 and another has $3.09, according to www.NewJerseyGasPrices.com.
With a drop of another dime possible, according to Lundberg, that could mean gas selling for less than $3 a gallon once again in the region.
And that's without crude prices falling more, which could happen.
"The worsening perceptions of the European economies means there's a potential for the damage to petroleum demand to go viral worldwide," analyst Trilby Lundberg told Bloomberg News.
(Excerpt) Read more at philly.com ...
Back when gas was in the $2.50 range, crude was in the $70 range. As the price of crude fluctuated, so did the price of gas. I’ll have to see where crude is right now. But if it’s below $80, gas should definitely be below $3.
http://www.stlouisgasprices.com/index.aspx?area=St%20Peters $2.919 in my neighborhood
Oil
79.92
+0.07
+0.09%
Its 3.24 this morning in Atlanta area.
Interesting that the article talks about the price of crude, but never actually mentions what it is.
The average price for a gallon of regular gas when Obama was inaugurated was $1.85! When somebody tells me a gallon of gas is lower than that, then that is when I believe we will have recovered from this travesty. Because it will mean his sorry ass has been evicted from our White House.
And it’s still bumping $3.60 here in North Carolina. I have no idea why. It dropped about 10 cents a couple weeks ago and hasn’t moved downward since.
}:-)4
Well, that post pissed me off! Why am I paying $3.50? It’s a big deal to me because I drive almost 50 miles to work every day.
Because the Mid-East believed him and knows what kind of reserves we really have, they pulled out the stops to try and get in front of our efforts.
Obama has reversed almost all of that and that is why it went back up.
After 2012, when we have a conservative GOP WHitehgouse, House, and Senate...watch what happens.
$3.00 gas is not cheap, but the voting public have short memories. They are trying to make people think $3.00 gas is “cheap” so the administration will not bear the blame at the voting booth.
Don’t want to make it any worserer, but here in Corpus it’s below 3.19.
I’ve seen 3.17, actually.
But if you have to drive a long way to get here, it might not be worth it...
:)
Iraq is the elephant in the room. Their production has already doubled, and has potential for triple the pre-war extraction rate.
The fracking process, while stymied by greens in some countries, like the US, is also increasing production from many wells that were capped.
For these reasons, I’m betting on cheaper oil, even if the world economy comes back some.
It’s not falling where I live.
Saw gas at 3.35 at Wilco-Hess in Mebane, NC last night off I-40 at exit 150.
Saw gas at 3.35 at Wilco-Hess in Mebane, NC last night off I-40 at exit 150.
” The average price for a gallon of regular gas when Obama was inaugurated was $1.85! “
BINGO!!!
Any reduction in gas price-at-the-pump is welcome, of course - but raising high hosannas because it goes below $3 is just wee-weeing on our heads and telling us it’s raining...
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