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 24, 2012 6:42PM
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Total BS !  Here in California (Democrat stronghold) Reg. is $4.59, up .5 cent since last thursday. What a line of pure crap.

Oct 24, 2012 6:41PM
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Its seem clear to me that we have been taken to the cleaners by big oil. Record profits, record prices. Gee the next time someone hick-ups will see prices skyrocket over $6.00 a gallon and if were lucky they'll "plummet to $5.999".  Boy oh Boy THANK YOU TEXACO!  
Oct 24, 2012 6:37PM
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I don't know where you live but gas in the swing state of Ohio is $ 3.15/gal and falling quickly.
Oct 24, 2012 6:37PM
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Gas prices are plummeting, so by next week I can afford to drive the 4 miles to the closest store, to buy groceries. I have been living on canned food that I bought when Bush was still President and gas cost $ 1.85 a gallon
Oct 24, 2012 6:36PM
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Wow, I should be jumping for joy right now, but I think I'll save that when prices are under $2 again!
Oct 24, 2012 6:35PM
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  Will some anti-Obama idiot hurry up an start their dumb political BS, already??

This is, after all-- the election season.

  OOPS! "frumpie" has already started the idiotic anti-Obama reign of terror/error...!!

Oct 24, 2012 6:32PM
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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.

Oct 24, 2012 6:31PM
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I wouldn't say the prices are plummeting. They are coming down very slowly though. Maybe by New Years they will be down to $3.40. Right now it does not look like it.
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