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GasBuddy News Article

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Could Gas Fall Below $3 by Autumn?

The Exchange via Yahoo! Finance -- As oil has dropped about 30 percent from its February high of $109.77 — crude prices hit eight-month lows of under $80 a barrel this week — consumers have found themselves walking away from the gas pumps with fuller wallets. Since the April high of $3.99 a gallon, average gas prices in the U.S. have slipped to $3.47; this is down from around $3.70 at this time last year. (Brent crude, considered the international benchmark, is down to $90 a barrel from a 2012 high of $128.)

Why have prices fallen so much? There are many factors to consider, but the basic formula is fairly simple: Decreased demand plus increased output equals a drop in value. Demand has abated amid mounting fears of a global economic slowdown (Europe and China and jobs, oh my), while global output has increased ...


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Submitted Jun 23, 2012 By: brbaritone
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Could Gas Fall Below $3 by Autumn? Back to Topics
REPLIES (newest first) Post a Reply
DaNewt
Veteran Author Illinois

Posts:457
Points:101,180
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Message Posted: Jun 24, 2012 10:15:53 PM

If it does: Just in time for the November elections. How convenient. I hope that the voting public won't fall for a stunt like that.
GOBUTLER
Champion Author Indianapolis

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Message Posted: Jun 24, 2012 7:37:45 PM

Nope
pig12
Veteran Author Boston

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Message Posted: Jun 24, 2012 6:17:04 PM

hope so
Agarre
Champion Author Richmond

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Message Posted: Jun 24, 2012 6:16:53 PM

Hopefully
A2J
Champion Author Richmond

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Message Posted: Jun 24, 2012 6:10:33 PM

NO
NanaNJNJ
Veteran Author New Jersey

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Message Posted: Jun 24, 2012 2:15:47 PM

Here's hoping!!
Cakes77
Champion Author Harrisburg

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Message Posted: Jun 24, 2012 2:02:40 PM

yes, yes, yes!!!
Jeff4U
Champion Author Atlanta

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Joined:Nov 2004
Message Posted: Jun 24, 2012 1:34:22 PM

Agree 100% with eomc17.
We are being gouged through gradual conditioning.
The oil industry assumes we forgot how much we paid at the pump in relation to crude prices back in 2008-2009.
eomc17
Champion Author Tucson

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Points:158,010
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Message Posted: Jun 24, 2012 2:46:22 AM

Gasoline should already be well under 3$ for gas. When you consider WTI crude goes for 80$, down from 147$ in May 2008, but gasoline dropped from 4.11$ to 3.48$ a gallon, you can see that WTI has dropped much more since their all-time high in May 2008. 45% reduction in WTI price is much more of a reduction than the puny 15% for gasoline.

In a nutshell, we are still being ripped off because big oil schemed since 2008 that since they can't rip us off for oil as much as in 2008, they can just do everything possible to increase their profit margin for gasoline, as well as RBOB gasoline at Wall Street.
Blismo
Champion Author Arizona

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Message Posted: Jun 24, 2012 1:38:14 AM

uh huh
kgbellman
Champion Author Ann Arbor

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Message Posted: Jun 23, 2012 11:32:37 PM

I guess it could hit $3 (I hope) as the new / expanded refineries come online
judgemobile
Champion Author Ohio

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Points:3,262,600
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Message Posted: Jun 23, 2012 11:06:52 PM

check Missouri Gas Prices . Com linked to this very website...the lowest prices in state are ALREADY AT 2.99 TODAY.
gocatgo
Champion Author South Carolina

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Message Posted: Jun 23, 2012 11:06:50 PM

Gas is already under $3 in SC and still dropping.
bababooey2
Champion Author Hartford

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Message Posted: Jun 23, 2012 11:05:26 PM

Obama said so. More election ploys
BlackCar
Champion Author Long Island

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Message Posted: Jun 23, 2012 11:04:08 PM

How low will it go before it stats spiking up again by Gas CEO
"Corp Mongers"?
sabre75
Champion Author Florida

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Message Posted: Jun 23, 2012 11:03:30 PM

Anything is possible, but this one I might have to question.
umitb
Champion Author Indianapolis

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Message Posted: Jun 23, 2012 11:03:21 PM

I hope.
Cashless
Champion Author Akron

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Message Posted: Jun 23, 2012 11:02:55 PM

I'd be happier if gas would drop to $2.50 or lower.
WIWalt
Champion Author Wisconsin

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Message Posted: Jun 23, 2012 11:02:51 PM

Be careful what you wish for
altima2008
Champion Author Philadelphia

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Message Posted: Jun 23, 2012 11:01:25 PM

Not if nobama has anything to say about it.
5kvdave
All-Star Author Los Angeles

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Message Posted: Jun 23, 2012 11:00:19 PM

PRICE OF FUEL HAS NO REAL CAUSE TO BE WHERE IT'S @ NOW!!!!!
MarkC08
All-Star Author Worcester

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Message Posted: Jun 23, 2012 10:58:11 PM

OK
jorod55
Champion Author California

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Message Posted: Jun 23, 2012 10:57:11 PM

And there's a pot of gold at the end of that rainbow.
tidalwave3
Champion Author Tallahassee

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Message Posted: Jun 23, 2012 10:56:11 PM

I see my prediction of $3 per gallon gasoline by July 4th has come true 10 days early... Chevron @ N. Monroe & Talpeco AND McKenzie Markets @ N. Monroe & Sessions St. BOTH just dropped to $2.99 / gal. regular in Tallahassee!!!!
dchiou
Champion Author San Jose

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Message Posted: Jun 23, 2012 10:55:21 PM

I don't think so
goodbuy
Champion Author Michigan

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Message Posted: Jun 23, 2012 10:55:13 PM

How about we try for next week.
radiorumor
Champion Author Texas

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Message Posted: Jun 23, 2012 10:54:22 PM

I like the direction it’s flowing out of my pocket
ED6
Champion Author Riverside

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Message Posted: Jun 23, 2012 10:54:14 PM

I don't mind $2.99/gallon.
ScottE
Champion Author Orange County

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Message Posted: Jun 23, 2012 10:54:08 PM

Don't count on it even in an election season. Nat'l reserves won't be touched unless a calamity happens.
jrsva
Champion Author Virginia

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Message Posted: Jun 23, 2012 10:53:46 PM


The lowest-priced stations are already below $3 in Virginia and 16 other states.
It will take some time yet for the averages to get to that level.
bcok
Champion Author Los Angeles

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Message Posted: Jun 23, 2012 10:52:02 PM

All things are possible, maybe quite not likely, but give it change.
TheGasPriceKid
Rookie Author Indiana

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Message Posted: Jun 23, 2012 10:51:22 PM

Don't Know! Maybe!
dadis46
Champion Author Maryland

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Message Posted: Jun 23, 2012 10:49:57 PM

I really wish it will stay below $3.
beachmanglen
Champion Author Tampa

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Message Posted: Jun 23, 2012 10:49:42 PM

It's almost there. I saw gas at $3.11 per gallon today.
YodaON
Champion Author Ottawa

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Message Posted: Jun 23, 2012 10:48:18 PM

it should
dancygreen
Champion Author Twin Cities

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Message Posted: Jun 23, 2012 10:46:16 PM

blahblah yadayda
straz
Champion Author Pennsylvania

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Message Posted: Jun 23, 2012 10:46:12 PM

Dare to dream in PA
firefly09
Champion Author San Diego

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Message Posted: Jun 23, 2012 10:46:05 PM

I agree with mpq.
GLM4205
Champion Author Toledo

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Message Posted: Jun 23, 2012 10:46:02 PM

I'll believe it when it happens.
Irish_Lacey
Sophomore Author Miami

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Message Posted: Jun 23, 2012 10:45:53 PM

$2.89 in Greenville, SC for regular unleaded today
SparkieMi
Champion Author Kalamazoo

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Message Posted: Jun 23, 2012 10:45:16 PM

Time will tell....
nimpy
Champion Author Indianapolis

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Message Posted: Jun 23, 2012 10:45:06 PM

of course it will
3mta3
Champion Author Michigan

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Message Posted: Jun 23, 2012 10:45:05 PM

Well, as many other people have stated, this is an election year. Palms must be greased!
mpg611
Champion Author Cleveland

Posts:5,746
Points:1,379,720
Joined:Apr 2011
Message Posted: Jun 23, 2012 10:43:29 PM

Well its an election year and you have two economic liberal bozos on the Democrat and Republican tickets...I wouldnt be surprised if they magically dropped to $2.00 per gallon... then back up $4.00 per gallon by Thanksgiving.
DarthDadJr
Champion Author Virginia

Posts:9,549
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Message Posted: Jun 23, 2012 10:42:25 PM

As soon as you see all these predictions of major movements in price, you know you are near the bottom.
bonzoonfmb
Champion Author Florida

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Joined:Feb 2010
Message Posted: Jun 23, 2012 10:40:44 PM

Oil will fall to a level that will stop the production from tar-sands and oil-shale. Then prices will go up.
kulwicki7
All-Star Author Virginia

Posts:663
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Joined:Sep 2005
Message Posted: Jun 23, 2012 10:40:36 PM

ok
abcdMA
Champion Author Worcester

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Message Posted: Jun 23, 2012 10:37:50 PM

the sign of a flagging economy
crewsing
Veteran Author Virginia

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Message Posted: Jun 23, 2012 10:37:25 PM

could, it's $3.05 right now in Lynchburg, VA
tampacrvdriver
Champion Author Tampa

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Message Posted: Jun 23, 2012 10:35:55 PM

No
AnObserver
Champion Author New Jersey

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Message Posted: Jun 23, 2012 10:35:50 PM

It starting to get there in NJ
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