Gas prices dropping sharply

They recently saw their biggest weekly drop since 2008, according to AAA.

By Kim Peterson Oct 24, 2012 6:11PM
The price of gas is plummeting and is likely to fall even lower by Thanksgiving, experts say.

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."Filling fuel tank - Corbis

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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Tags: oil
712Comments
Oct 25, 2012 8:50AM
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I wouldn't call the few cents gas has dropped as "sharply"...I think a more appropiate description may be "tweeked slightly".  Gas prices are double what they were 4 years ago...has anyone's salary doubled in the same 4 year period?
Oct 25, 2012 8:50AM
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Here is "the plan" you can expect from another 4 years-any gas price drop must be for cheap political points because that isn't the agenda at all:

 

(wow, apparently no links as references to support a position?)

 

 

Oct 25, 2012 8:47AM
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Sorry, that's not PLUMMETING. It's just going down. Call me when it "plummets" under $3.
Oct 25, 2012 8:46AM
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Well, we blamed the Prez for an increase in the gas prices... So where's the hollaring and screaming that they've come down? Or is this yet another so called deceptive "liberal" twist?  
Oct 25, 2012 8:43AM
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I wonder if Jack Walsh is wondering if these Chicago Guys have anything to do with this heading into the election?

Oct 25, 2012 8:43AM
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Plummeting is lke half or two dollars a gallon! Not a meager 2 cents!!!
Oct 25, 2012 8:40AM
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Oil is a purchased item that we pay with Federal Reserve notes, things you call money. In 1964 gas was .20 per gallon and 2 silver dimes could buy you a gallon. Now those 2 dimes if you were lucky to still have them are worth about $4.00 which is a price of a gallon of gas. So the price of gas goes up and down due to demand, and the value of the Federal Reserve notes, nothing more nothing less. As the Federal Reserve notes decline in value the oil producting countries demand more of them. You and I the consumer can't that is why we lose ground everyday in our purchasing power. And it will only continue to get worse, unless you start buying gold and silver. They are real money whos purchase power never declines. Good luck with your Federal Reserve Notes, cause you going to need it real soon.

Oct 25, 2012 8:40AM
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IF you think this drop in gasoline prices  is all "market driven", then I bet you think the unemployment rate drop was factual as well. Only problem is the unemployment numbers left out California because supposedly they did not have their data ready in time to include it in the unemployment numbers. Yeah, right.
Oct 25, 2012 8:39AM
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But but but...gas prices CANNOT be going down because Obama, the Repubs tell us, is doing all within his power to make prices go UP. 
Oct 25, 2012 8:39AM
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Why are we messing around with like today $3.16.9 get rid of the.9 cents andmake all gas prices like eveything else, today it should be $3.17 if I buy 1 Gallon of gas for my lawn mower will they be able to sell it for $3.16.9 of wil it be $3.17 do the oil companie think we are dumb to beleive that one thenth of a per cent really makes a difference.
Oct 25, 2012 8:38AM
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YEA!!! Gas prices are falling...right before the election.

And the sheeple bleated their approval.

None so blind as those who choose not to see.

Oct 25, 2012 8:33AM
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I don't know where this person at. But where I'm at, gas is still close to $4 per gallon.

 

Oct 25, 2012 8:31AM
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Obama Biden 2012-we are moving forward.

Gas prices are plummeting-WOW! Wonder why!

Oct 25, 2012 8:26AM
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it is obvious that this is a planted story.  When prices drop in half that is a story.  Just a few days ago they were telling us that the U.S. was pumping out more oil than the Saudi.  I say again that this is a pattern of making the wealth more wealthy,  the land that most oil is pumped from is government land(yours and mine) that is handed over to the rich for a very low price and we never see the benifits from the leases.

 

Lets put public land oil production in the hands of the american people and reap the benifits for schools, roads and health.  We could fund all of those programs and pay less in taxes if we were to hire a company to run the oil industry for the american people instead of leasing the land to rich oil companies who sell it back to us for a huge profit.  Now we are poor and we have to pay higher taxes and pay the rich companies to give us back the oil and gas that we owned in the first place.

 

 

Oct 25, 2012 8:17AM
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Close the loop! We should not be exporting ANY petroleum products! Then and only then will we see real relief.
Oct 25, 2012 8:17AM
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I like the way they say plummeting! Is that some kind of joke? It's been plummeting upward every since Sept. 11th happen which was a reason to raise it up, hell we won the war, killed Sadam Hussien and Bin Laden and the prices still were going up. So now I guess we are suppose to get use to it by stabilizing at 3.40? Please, this is nothing but a brain washing!
Oct 25, 2012 8:11AM
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gas has dropped to $3.10 in ohio , down from $3.90 Its a line of bull$#!t about winter blend is cheaper to produce and with an  increase in home fuel oil consumption causes the prices go up, Its a line of crap, but anytime the price drops I'll take it.

I am in the process of looking for an electric car, If I have to pay for gas, I may as well pay for an elect car instead , and be able to show something for my money spent, but auto companies just dont get it yet, they over burden the electric car with options and expensive profits to keep them out of the common persons hands,  I purchased a used towmotor and took the propane fuel delivery system  off and installed it in a 77 mgb and doubled my mileage per dollar, andI can carry an extra bbq grill tank so I never run out of fuel and can refill at any home hardware store while on the road, or tap into my 500 gallon tank at home, Im winning 

Oct 25, 2012 8:08AM
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Why does the media make a big deal about this.  Saying gas could be as low as $3.40....where the hell is that low?  If you recall only seven short years ago when gas went over $3.00 for the first time everyone went crazy saying how outrageous the cost is, now we are suppose to praise the oil companies because gas is coming down to $3.40?  This government needs to wake up and protect the hard working people that put them into office and go after these oil companies with their constant record breaking profits instead of accepting their kickbacks.  But they don't care as long as they are getting their pockets full by robbing us blind.  If the government really wanted the economy to recover then it would realize that in order for that to happen, it is dependent on low gas prices.

Think about it, high gas prices lead to higher shipping costs, which leads to higher prices in the stores.  It's not rocket science and the government can fix it if they weren't so corrupt.
Oct 25, 2012 8:03AM
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Plunging is a joke. Did anyone notice that it goes down a few cents and then when it rises it goes up higher.

I have to laugh when the taking heads get excited about gas at $3.65 per gallon. So be happy the economy is doing great. We certainly do not need to expand our reserves or tap Canada's supplies. We have dozens of buddies in the Middle East just waiting to help us.

We are now off to see the Wizard.

GBA

Oct 25, 2012 8:00AM
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Under $2!!!! I remember when it was .38 cents, and I'm only 54.
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