Not Logged In Log In   Sign Up   Points Leaders
Follow Us    6:06 PM

GasBuddy News Article

51
votes
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 ...


Read the Full Article

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
Profile Pic
DaNewt
Veteran Author Illinois

Posts:457
Points:101,180
Joined:May 2011
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.
Profile Pic
GOBUTLER
Champion Author Indianapolis

Posts:1,560
Points:849,885
Joined:Dec 2011
Message Posted: Jun 24, 2012 7:37:45 PM

Nope
Profile Pic
pig12
Veteran Author Boston

Posts:280
Points:71,755
Joined:Feb 2012
Message Posted: Jun 24, 2012 6:17:04 PM

hope so
Profile Pic
Agarre
Champion Author Richmond

Posts:1,785
Points:375,915
Joined:Feb 2012
Message Posted: Jun 24, 2012 6:16:53 PM

Hopefully
Profile Pic
A2J
Champion Author Richmond

Posts:5,569
Points:1,177,825
Joined:Aug 2011
Message Posted: Jun 24, 2012 6:10:33 PM

NO
Profile Pic
NanaNJNJ
Veteran Author New Jersey

Posts:280
Points:56,025
Joined:May 2012
Message Posted: Jun 24, 2012 2:15:47 PM

Here's hoping!!
Profile Pic
Cakes77
Champion Author Harrisburg

Posts:7,099
Points:2,189,885
Joined:Aug 2006
Message Posted: Jun 24, 2012 2:02:40 PM

yes, yes, yes!!!
Profile Pic
Jeff4U
Champion Author Atlanta

Posts:11,431
Points:2,451,180
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.
Profile Pic
eomc17
Champion Author Tucson

Posts:2,214
Points:157,630
Joined:Mar 2007
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.
Profile Pic
Blismo
Champion Author Arizona

Posts:2,569
Points:498,810
Joined:Feb 2012
Message Posted: Jun 24, 2012 1:38:14 AM

uh huh
Profile Pic
kgbellman
Champion Author Ann Arbor

Posts:5,285
Points:1,332,620
Joined:Mar 2011
Message Posted: Jun 23, 2012 11:32:37 PM

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

Posts:10,161
Points:3,047,135
Joined:Nov 2005
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.
Profile Pic
gocatgo
Champion Author South Carolina

Posts:19,021
Points:3,131,735
Joined:Apr 2006
Message Posted: Jun 23, 2012 11:06:50 PM

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

Posts:8,952
Points:1,903,555
Joined:Sep 2009
Message Posted: Jun 23, 2012 11:05:26 PM

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

Posts:5,123
Points:1,553,240
Joined:Apr 2008
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"?
Profile Pic
sabre75
Champion Author Florida

Posts:1,691
Points:354,585
Joined:May 2012
Message Posted: Jun 23, 2012 11:03:30 PM

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

Posts:5,886
Points:1,344,575
Joined:Apr 2010
Message Posted: Jun 23, 2012 11:03:21 PM

I hope.
Profile Pic
Cashless
Champion Author Akron

Posts:6,127
Points:1,336,235
Joined:Apr 2011
Message Posted: Jun 23, 2012 11:02:55 PM

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

Posts:4,207
Points:1,010,665
Joined:Mar 2012
Message Posted: Jun 23, 2012 11:02:51 PM

Be careful what you wish for
Profile Pic
altima2008
Champion Author Philadelphia

Posts:10,764
Points:2,339,815
Joined:Apr 2008
Message Posted: Jun 23, 2012 11:01:25 PM

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

Posts:688
Points:350,000
Joined:May 2011
Message Posted: Jun 23, 2012 11:00:19 PM

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

Posts:677
Points:978,500
Joined:Nov 2008
Message Posted: Jun 23, 2012 10:58:11 PM

OK
Profile Pic
jorod55
Champion Author California

Posts:4,062
Points:1,032,905
Joined:Dec 2011
Message Posted: Jun 23, 2012 10:57:11 PM

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

Posts:2,504
Points:2,022,525
Joined:Jun 2008
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!!!!
Profile Pic
dchiou
Champion Author San Jose

Posts:4,586
Points:1,339,805
Joined:Feb 2007
Message Posted: Jun 23, 2012 10:55:21 PM

I don't think so
Profile Pic
goodbuy
Champion Author Michigan

Posts:10,095
Points:1,986,565
Joined:May 2005
Message Posted: Jun 23, 2012 10:55:13 PM

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

Posts:5,275
Points:1,348,550
Joined:Feb 2011
Message Posted: Jun 23, 2012 10:54:22 PM

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

Posts:10,761
Points:2,101,935
Joined:Jul 2007
Message Posted: Jun 23, 2012 10:54:14 PM

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

Posts:4,567
Points:2,587,715
Joined:May 2002
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.
Profile Pic
jrsva
Champion Author Virginia

Posts:12,674
Points:2,215,200
Joined:Jan 2006
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.
Profile Pic
bcok
Champion Author Los Angeles

Posts:3,249
Points:1,966,315
Joined:Oct 2005
Message Posted: Jun 23, 2012 10:52:02 PM

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

Posts:1
Points:14,120
Joined:May 2012
Message Posted: Jun 23, 2012 10:51:22 PM

Don't Know! Maybe!
Profile Pic
dadis46
Champion Author Maryland

Posts:10,819
Points:1,592,375
Joined:May 2006
Message Posted: Jun 23, 2012 10:49:57 PM

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

Posts:1,835
Points:953,100
Joined:Aug 2011
Message Posted: Jun 23, 2012 10:49:42 PM

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

Posts:5,435
Points:1,371,185
Joined:Jan 2011
Message Posted: Jun 23, 2012 10:48:18 PM

it should
Profile Pic
dancygreen
Champion Author Twin Cities

Posts:3,295
Points:785,925
Joined:Sep 2011
Message Posted: Jun 23, 2012 10:46:16 PM

blahblah yadayda
Profile Pic
straz
Champion Author Pennsylvania

Posts:1,708
Points:540,485
Joined:Jan 2007
Message Posted: Jun 23, 2012 10:46:12 PM

Dare to dream in PA
Profile Pic
firefly09
Champion Author San Diego

Posts:4,261
Points:1,133,835
Joined:Mar 2009
Message Posted: Jun 23, 2012 10:46:05 PM

I agree with mpq.
Profile Pic
GLM4205
Champion Author Toledo

Posts:6,336
Points:1,327,510
Joined:Dec 2010
Message Posted: Jun 23, 2012 10:46:02 PM

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

Posts:213
Points:179,055
Joined:Mar 2012
Message Posted: Jun 23, 2012 10:45:53 PM

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

Posts:5,708
Points:1,171,230
Joined:Sep 2011
Message Posted: Jun 23, 2012 10:45:16 PM

Time will tell....
Profile Pic
nimpy
Champion Author Indianapolis

Posts:10,409
Points:2,238,145
Joined:Oct 2007
Message Posted: Jun 23, 2012 10:45:06 PM

of course it will
Profile Pic
3mta3
Champion Author Michigan

Posts:1,584
Points:1,455,665
Joined:Jul 2004
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!
Profile Pic
mpg611
Champion Author Cleveland

Posts:4,943
Points:1,171,195
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.
Profile Pic
DarthDadJr
Champion Author Virginia

Posts:9,146
Points:2,050,540
Joined:Jul 2008
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.
Profile Pic
bonzoonfmb
Champion Author Florida

Posts:2,540
Points:888,110
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.
Profile Pic
kulwicki7
All-Star Author Virginia

Posts:663
Points:293,145
Joined:Sep 2005
Message Posted: Jun 23, 2012 10:40:36 PM

ok
Profile Pic
abcdMA
Champion Author Worcester

Posts:10,467
Points:2,164,615
Joined:Nov 2008
Message Posted: Jun 23, 2012 10:37:50 PM

the sign of a flagging economy
Profile Pic
crewsing
Veteran Author Virginia

Posts:391
Points:85,030
Joined:Feb 2012
Message Posted: Jun 23, 2012 10:37:25 PM

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

Posts:4,263
Points:1,124,600
Joined:May 2011
Message Posted: Jun 23, 2012 10:35:55 PM

No
Post a reply Back to Topics