Gas Prices Bottoming Out? Who Knows?!?

After hitting a nearly five year low of $1.63 per gallon, the national average price for a gallon of gasoline has crept up ever so slightly the past couple of days, and now stands at $1.67 per gallon. 

However, with the economy seeming to get worse with each passing week, nobody really seems to care about or have noticed what many experts believe is the potential bottoming of gasoline prices.

Currently, every state in the continental United States is reporting an average gas price below $2 per gallon, with Utah and Wyoming reporting the lowest average prices at $1.42 per gallon.  New York currently has the highest state-wide average price at $1.91 per gallon.  Both Hawaii and Alaska are reporting average prices just under $2.50 per gallon.

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Buying More Fuel Thanks to Lower Prices? Probably Not

Remember last spring and summer, when the price of gasoline seemed to hit a new record high with each passing day?  We were worried gas was soon going to become too expensive for us to commute to and from work, and we would have to choose between filling up our tanks or filling up our stomachs.

In an effort to help keep our budgets balanced, many of us cut back on our discretionary driving, only filled up our tanks half way, used public transportation more, and even gave up our our cars and trucks for bicycles and walking shoes.

Seems so long ago now, doesn’t it?

Since hitting a record high of $4.12 per gallon back in mid-July, the price of gasoline has fallen nearly 60%, and now stands at $1.68 per gallon.  The last time the price of gasoline was this low was back in April 2004.

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