Gas prices dropping sharply
They recently saw their biggest weekly drop since 2008, according to AAA.
The national average for a gallon of gas was $3.63 Wednesday, down 2 cents from the day before and 10 cents from a week earlier.
The more impressive drop came on Monday, when the price had fallen 12 cents in a week to $3.67. That was the biggest weekly drop since 2008, according to AAA's daily fuel gauge report.
President Barack Obama may find reason to celebrate. AAA thinks the average price per gallon will fall to between $3.40 and $3.50 when voters head to the polls on Nov. 6. By Thanksgiving, prices could fall even more, to between $3.25 and $3.40.
Is Obama pulling the strings behind the price drop? Probably not the Los Angeles Times writes. Crude oil is a global commodity, and the markets have much more influence on the price than the commander in chief. "Indeed, there seem to be very few tools in the presidential woodshed that can hammer down gas prices with any predictability or long-lasting effect," Ken Bensinger writes. "But presidents are almost always put on a very public hook when gas prices are judged to be high."
So what's the reason for the price drop? Falling oil prices and more supply as refineries are coming back online. In addition, refiners are using cheaper winter blends, according to The Associated Press. And people are starting to drive less this time of year.
Still, the AP notes, gas remains very expensive, more so than it's ever been at this time of year. Last year, for example, gas was $3.46 per gallon at the same time.
And though we all may breathe a little easier at the pump, the falling price of gas is still alarming because it reflects broad concerns about the state of the world's economy.
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Wow, that big of a drop? Whew, thanks for warning us, otherwise no one would have noticed. I guess no one was selling lemonaid today and this story made it to the headlines.
Are you people at MSN kidding me? in the begining of 2009 and late in 2008 the national price of gas was $1.84 per gallon.
Tell the real story of why a 100% jump in gasoline price is reasonable when refining costs stayed the same and the inflation adjusted price of oil is less now in 2012 than late 2008 early 2009.
Total BS ! Here in California (Democrat stronghold) Reg. is $4.59, up .5 cent since last thursday. What a line of pure crap.
Hey yeah, just like a rock. Now in CA we are down to about $4.36 a gallon after some
of the big firms went over $5 and heading towards $. Pure manipulation. I guess if
they call this a plummet, we can just refer to it as a little vaseline as we are still getting
That's because Obama and his puppet masters need for people to feel good about him, so, hopefully, he'll get their vote.
And gas prices aren't "plummeting". They're dropping a few cents at a time as usual.
Keep spreading gold flakes over the media propaganda. Doesn't make it any less putrid bullsh*t that it is.
Don't worry the prices will be go up again. They are just playing with us. The oil companies made record profits so it's time to show some charity to the common folk by lowering prices. Big oil runs a a crooked monopoly, they are allowed to manipulate prices, supply and ship most of it overseas. The economists tells us that their is record oil production occuring in this country. If that is the case, then why isn't gas dropping below $2.00 a gallon? Big oil has this nation with a rope around it's neck. Anytime they want to jerk us around they just pull on that rope!
...and right after the election they will be right back where they were last week if Obama get's re-elected. Gas prices will never go down to what they were when he took office. He has pretty much said that energy prices will be going up. He wants them to go up. He didn't approve the entire Keystone pipeline, coal plants are being regulated out of business. He has said these things out loud! When will people start believing him? He does NOT have Americans best interest at heart. We need to show him exactly what we think of him in 2 weeks by voting him out! Besides who wants a president when Hugo Chavez, Fidel Castro and Putin of Russia are backing him. Doesn't that tell you everything you need to know?
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