Tech & Biz

Gasoline Price Makes Biggest Drop Ever

by Terri Potratz | October 12, 2008 at 07:37 pm | 143 views | 2 comments | 4 recommendations

The average rate for a gallon of gasoline in the US fell drastically, as the largest drop on record. Consumer demand, falling oil prices and the worldwide financial crisis have all driven the price of gas at the pump to fall dramatically, reports surveyor Trilby Lundberg.

The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on October 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey.

It was the lowest national average price since March 21, 2008. Since peaking at $4.1124 on July 11, the average cost of a gallon of gas has receded by 80.45 cents. Diesel fuel fell 21 cents to $3.95 a gallon, the first time since March that it has been below $4.00 a gallon.

Traveling by car has also waned recently, with a drop of about 3.6% less miles being driven.

Lundberg predicts that the price of gasoline could fall as low as $3 a gallon by December.

I hope this trend makes its way up to Canada, where we continue to get gouged at the pump with high gas prices.

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master_jim2008

flagged this story as Good Stuff

at 19:49 on October 12th, 2008

Terri Potratz, I like this story. It's good stuff.

it went down to 3.56 here

it's amazing how it used to think nothing of going up a dime at a time but when the price of crude came down, the drop in gas prices was 1-2 cents a week MAYBE.