Gas Prices Spike, Sign of Things to Come?

Over the past five days, the national average price of a gallon of regular unleaded gasoline has climbed more than 11 cents, to just over $1.75 per gallon.  The last time the price of gas was this “expensive” was back on December 3.

Although, compared to last summer, I think most of us are willing to live with this relatively mundane price increase.

Most, if not all of the jump in gas prices can be contributed to the fact that the price of oil had climbed from the low $30s just a few weeks ago, to yesterday’s closing price of just under $50 per barrel.

However, today the price of oil fell over 12% to under $43 per barrel thanks to a government report showed a larger than expected increase in crude inventories.

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Be the Expert – Where Are Gas Prices Going?

Back in July, when the price of gasoline was well over $4 per gallon and the price of oil was nearly $150 per barrel, I said on this site that I believed the price of gasoline would never again fall below and oil would never fall below $120.  Turns out I was wrong.

Obviously, I received a lot of heat from plenty of readers, telling me my predictions were completely off base and foolish.  While the predictions in fact turned out to be wrong, I guess I can take solace in the fact that I certainly was not the only person to make such predictions.

Now that gasoline prices have fallen significantly, I thought it would be a good time to put many of you to the test.  So, for the past week, I’ve had a poll up on this site so that you all might have the chance let me know where you think prices are headed.

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