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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

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DaNewt Veteran Author Illinois Posts:457 Points:101,180 Joined:May 2011	Message Posted: Jun 24, 2012 10:15:53 PM Ignore DaNewt Report Abuse 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 Posts:1,425 Points:406,285 Joined:Dec 2011	Message Posted: Jun 24, 2012 7:37:45 PM Ignore GOBUTLER Report Abuse Nope
pig12 Veteran Author Boston Posts:280 Points:71,755 Joined:Feb 2012	Message Posted: Jun 24, 2012 6:17:04 PM Ignore pig12 Report Abuse hope so
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Jun 24, 2012 6:16:53 PM Ignore Agarre Report Abuse Hopefully
A2J Champion Author Richmond Posts:3,200 Points:627,725 Joined:Aug 2011	Message Posted: Jun 24, 2012 6:10:33 PM Ignore A2J Report Abuse NO
NanaNJNJ Veteran Author New Jersey Posts:280 Points:56,025 Joined:May 2012	Message Posted: Jun 24, 2012 2:15:47 PM Ignore NanaNJNJ Report Abuse Here's hoping!!
Cakes77 Champion Author Harrisburg Posts:5,280 Points:1,676,320 Joined:Aug 2006	Message Posted: Jun 24, 2012 2:02:40 PM Ignore Cakes77 Report Abuse yes, yes, yes!!!
Jeff4U Champion Author Atlanta Posts:8,885 Points:1,878,730 Joined:Nov 2004	Message Posted: Jun 24, 2012 1:34:22 PM Ignore Jeff4U Report Abuse 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 Posts:1,840 Points:135,330 Joined:Mar 2007	Message Posted: Jun 24, 2012 2:46:22 AM Ignore eomc17 Report Abuse 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 Posts:2,269 Points:429,985 Joined:Feb 2012	Message Posted: Jun 24, 2012 1:38:14 AM Ignore Blismo Report Abuse uh huh
kgbellman Champion Author Ann Arbor Posts:2,847 Points:757,775 Joined:Mar 2011	Message Posted: Jun 23, 2012 11:32:37 PM Ignore kgbellman Report Abuse I guess it could hit $3 (I hope) as the new / expanded refineries come online
judgemobile Champion Author Ohio Posts:7,695 Points:2,470,685 Joined:Nov 2005	Message Posted: Jun 23, 2012 11:06:52 PM Ignore judgemobile Report Abuse 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 Posts:15,818 Points:2,555,495 Joined:Apr 2006	Message Posted: Jun 23, 2012 11:06:50 PM Ignore gocatgo Report Abuse Gas is already under $3 in SC and still dropping.
bababooey2 Champion Author Hartford Posts:6,482 Points:1,328,590 Joined:Sep 2009	Message Posted: Jun 23, 2012 11:05:26 PM Ignore bababooey2 Report Abuse Obama said so. More election ploys
BlackCar Champion Author Long Island Posts:5,123 Points:1,553,240 Joined:Apr 2008	Message Posted: Jun 23, 2012 11:04:08 PM Ignore BlackCar Report Abuse How low will it go before it stats spiking up again by Gas CEO "Corp Mongers"?
sabre75 Champion Author Florida Posts:1,663 Points:340,795 Joined:May 2012	Message Posted: Jun 23, 2012 11:03:30 PM Ignore sabre75 Report Abuse Anything is possible, but this one I might have to question.
umitb Champion Author Indianapolis Posts:3,812 Points:869,190 Joined:Apr 2010	Message Posted: Jun 23, 2012 11:03:21 PM Ignore umitb Report Abuse I hope.
Cashless Champion Author Akron Posts:3,650 Points:760,055 Joined:Apr 2011	Message Posted: Jun 23, 2012 11:02:55 PM Ignore Cashless Report Abuse I'd be happier if gas would drop to $2.50 or lower.
WIWalt Champion Author Wisconsin Posts:1,847 Points:440,990 Joined:Mar 2012	Message Posted: Jun 23, 2012 11:02:51 PM Ignore WIWalt Report Abuse Be careful what you wish for
altima2008 Champion Author Philadelphia Posts:8,295 Points:1,763,740 Joined:Apr 2008	Message Posted: Jun 23, 2012 11:01:25 PM Ignore altima2008 Report Abuse Not if nobama has anything to say about it.
5kvdave All-Star Author Los Angeles Posts:688 Points:350,000 Joined:May 2011	Message Posted: Jun 23, 2012 11:00:19 PM Ignore 5kvdave Report Abuse PRICE OF FUEL HAS NO REAL CAUSE TO BE WHERE IT'S @ NOW!!!!!
MarkC08 All-Star Author Worcester Posts:664 Points:604,440 Joined:Nov 2008	Message Posted: Jun 23, 2012 10:58:11 PM Ignore MarkC08 Report Abuse OK
jorod55 Champion Author California Posts:1,607 Points:457,475 Joined:Dec 2011	Message Posted: Jun 23, 2012 10:57:11 PM Ignore jorod55 Report Abuse And there's a pot of gold at the end of that rainbow.
tidalwave3 Champion Author Tallahassee Posts:1,364 Points:1,487,850 Joined:Jun 2008	Message Posted: Jun 23, 2012 10:56:11 PM Ignore tidalwave3 Report Abuse 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 Posts:2,876 Points:814,515 Joined:Feb 2007	Message Posted: Jun 23, 2012 10:55:21 PM Ignore dchiou Report Abuse I don't think so
goodbuy Champion Author Michigan Posts:7,801 Points:1,448,230 Joined:May 2005	Message Posted: Jun 23, 2012 10:55:13 PM Ignore goodbuy Report Abuse How about we try for next week.
radiorumor Champion Author Texas Posts:2,941 Points:779,590 Joined:Feb 2011	Message Posted: Jun 23, 2012 10:54:22 PM Ignore radiorumor Report Abuse I like the direction it’s flowing out of my pocket
ED6 Champion Author Riverside Posts:9,584 Points:1,870,990 Joined:Jul 2007	Message Posted: Jun 23, 2012 10:54:14 PM Ignore ED6 Report Abuse I don't mind $2.99/gallon.
ScottE Champion Author Orange County Posts:4,355 Points:2,217,040 Joined:May 2002	Message Posted: Jun 23, 2012 10:54:08 PM Ignore ScottE Report Abuse 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 Posts:9,993 Points:1,638,975 Joined:Jan 2006	Message Posted: Jun 23, 2012 10:53:46 PM Ignore jrsva Report Abuse 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 Posts:2,176 Points:1,554,545 Joined:Oct 2005	Message Posted: Jun 23, 2012 10:52:02 PM Ignore bcok Report Abuse All things are possible, maybe quite not likely, but give it change.
TheGasPriceKid Rookie Author Indiana Posts:1 Points:13,470 Joined:May 2012	Message Posted: Jun 23, 2012 10:51:22 PM Ignore TheGasPriceKid Report Abuse Don't Know! Maybe!
dadis46 Champion Author Maryland Posts:8,155 Points:1,111,415 Joined:May 2006	Message Posted: Jun 23, 2012 10:49:57 PM Ignore dadis46 Report Abuse I really wish it will stay below $3.
beachmanglen All-Star Author Tampa Posts:764 Points:519,925 Joined:Aug 2011	Message Posted: Jun 23, 2012 10:49:42 PM Ignore beachmanglen Report Abuse It's almost there. I saw gas at $3.11 per gallon today.
YodaON Champion Author Ottawa Posts:3,051 Points:804,565 Joined:Jan 2011	Message Posted: Jun 23, 2012 10:48:18 PM Ignore YodaON Report Abuse it should
dancygreen Champion Author Twin Cities Posts:2,187 Points:510,600 Joined:Sep 2011	Message Posted: Jun 23, 2012 10:46:16 PM Ignore dancygreen Report Abuse blahblah yadayda
straz Champion Author Pennsylvania Posts:1,708 Points:540,385 Joined:Jan 2007	Message Posted: Jun 23, 2012 10:46:12 PM Ignore straz Report Abuse Dare to dream in PA
firefly09 Champion Author San Diego Posts:2,608 Points:739,130 Joined:Mar 2009	Message Posted: Jun 23, 2012 10:46:05 PM Ignore firefly09 Report Abuse I agree with mpq.
GLM4205 Champion Author Toledo Posts:4,177 Points:824,095 Joined:Dec 2010	Message Posted: Jun 23, 2012 10:46:02 PM Ignore GLM4205 Report Abuse I'll believe it when it happens.
Irish_Lacey Sophomore Author Miami Posts:213 Points:179,055 Joined:Mar 2012	Message Posted: Jun 23, 2012 10:45:53 PM Ignore Irish_Lacey Report Abuse $2.89 in Greenville, SC for regular unleaded today
SparkieMi Champion Author Kalamazoo Posts:3,395 Points:614,770 Joined:Sep 2011	Message Posted: Jun 23, 2012 10:45:16 PM Ignore SparkieMi Report Abuse Time will tell....
nimpy Champion Author Indianapolis Posts:8,265 Points:1,726,855 Joined:Oct 2007	Message Posted: Jun 23, 2012 10:45:06 PM Ignore nimpy Report Abuse of course it will
3mta3 All-Star Author Michigan Posts:867 Points:1,021,840 Joined:Jul 2004	Message Posted: Jun 23, 2012 10:45:05 PM Ignore 3mta3 Report Abuse Well, as many other people have stated, this is an election year. Palms must be greased!
mpg611 Champion Author Cleveland Posts:2,474 Points:595,820 Joined:Apr 2011	Message Posted: Jun 23, 2012 10:43:29 PM Ignore mpg611 Report Abuse 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:7,422 Points:1,544,695 Joined:Jul 2008	Message Posted: Jun 23, 2012 10:42:25 PM Ignore DarthDadJr Report Abuse As soon as you see all these predictions of major movements in price, you know you are near the bottom.
bonzoonfmb Champion Author Florida Posts:1,817 Points:663,410 Joined:Feb 2010	Message Posted: Jun 23, 2012 10:40:44 PM Ignore bonzoonfmb Report Abuse 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:638 Points:269,295 Joined:Sep 2005	Message Posted: Jun 23, 2012 10:40:36 PM Ignore kulwicki7 Report Abuse ok
abcdMA Champion Author Worcester Posts:8,047 Points:1,599,755 Joined:Nov 2008	Message Posted: Jun 23, 2012 10:37:50 PM Ignore abcdMA Report Abuse the sign of a flagging economy
crewsing Veteran Author Virginia Posts:391 Points:85,030 Joined:Feb 2012	Message Posted: Jun 23, 2012 10:37:25 PM Ignore crewsing Report Abuse could, it's $3.05 right now in Lynchburg, VA
tampacrvdriver Champion Author Tampa Posts:3,465 Points:738,015 Joined:May 2011	Message Posted: Jun 23, 2012 10:35:55 PM Ignore tampacrvdriver Report Abuse No