Falling demand and a significant decrease in the price of crude oil has helped to push the price of a gallon of regular gasoline to $3.81 – its lowest level in nearly two months.
Just one month ago, the price of gas was just sort of its record high, selling at an average price of $4.10 per gallon. While the recent month-long decrease in the price of gas is certainly a very welcome sight, it should be noted that today’s current price is still 38% above the $2.77 we were paying at this point last year.
Currently, there are nine states reporting an average gas price above $4 per gallon, with Hawaii having the highest average price at $4.58 per gallon. Missouri is reporting the lowest state-wide average price, coming in at $3.52. Oklahoma has the second lowest price at $3.56 per gallon.
Remember the first time the price of gasoline was around $3.75 a gallon? Many of us thought we were going to have to drastically cut back our driving, prepare ourselves for $5 or higher gas, and face some pretty dire financial predicaments. It’s a wonder there wasn’t mass rioting in the streets.
Fast forward just six weeks and all of a sudden, $3.81 gas isn’t so bad. In fact, it feels like an absolute relief from the $4.12 we were paying just a three weeks ago.
It’s amazing how good a simple seven percent drop in the price of a modern-day necessity can feel!
However, if Americans continue to drive less, purchase vehicles with better fuel economy and oil prices continue to fall – due to a global economic slow down and continued strengthening of the dollar (hopefully) – this recent price drop might turn into something a little more significant.
Unfortunately, I’m not holding my breath and I believe that gas prices won’t fall but 10% from current levels before the end of the year.
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Gas is a global critical issues that beyond our control. Price, inventory of gas/petroleum, the alternatives and so on…Global oil price is up and down everyday. Where is the alternatives…….
When can we get rid of the oil dependency….
How can we save our money for future/next generation…..
I was wondering what the price of gas was when oil was 115.00 a barrel
There’s an upward rachet in fuel prices, as in most prices. In 2001, $3.50 gas would have been shocking to most Americans, now it’s a relief. Somehow the oil companies manage to make fantastic profits, in part due to getting us accustomed to paying high prices.