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
719Comments
Oct 25, 2012 3:12AM
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It's just to get everybody to vote for Obama and go spend a lot of money on Christmas. Afterwards it will go to $6/gallon.
Oct 25, 2012 2:44AM
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I live in Minnesota and just filled my truck up GAS was $3.19 a gal. 
Oct 25, 2012 2:40AM
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Absolute Bull. Its still 4.39 here in Cali  If it would plummet it would sure help our economy!
Oct 25, 2012 2:25AM
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I could never understand why hackers just can't make this kind of propaganda disappear ...
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This no surprise, they dropped back in 2008 and again in 2004. It's always right around the presidential election. They'll stay down for a while but then they find a reason it kick it back up.
Oct 25, 2012 2:12AM
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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 2:09AM
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Where I live , from 3.97 to 3.43 10/24/2012  November coming thats the reason....

Oct 25, 2012 2:08AM
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The oil company's management all belong in jail....and we let them get away with it...profits will continue to be record breaking as they have been year after year...and they have no shame
Oct 25, 2012 1:54AM
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Umm, I paid 4.19 today....It's down 40 cents from two weeks ago, But Until gas is back to the 2$ range.  The drop is laughable.


Oct 25, 2012 1:47AM
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hmmm price plummet before election... where have I seen this before?
Oct 25, 2012 1:40AM
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2 weeks ago prices here were 3.79 now they are 3.39, i ain't complaining 
Oct 25, 2012 1:40AM
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they should have never went up in the first place.  oil is going down, demand is and was going down so the thief's jack up the prices to cover their shortfall on profits. the oil companies need to be shut down immediately and we people take over the operations. state by state, lets drill where we need and want. lets outlaw the epa and their bribery scheme that has been getting out of control more and more each year. Clean air act my ****. then we can produce our own oil and control our own prices and get rid of the damn corruption that has been going on for the last 10 years or so. enough is enough.
Oct 25, 2012 1:33AM
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That's because everyone is to broke to go anywhere.
Oct 25, 2012 1:31AM
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Is everyone on here a flippin moron? The article goes out of its way to say that the President doesn't dictate oil prices. If any of you had any sense you would know that. China's growth is slowing down and the Bakken oil fields are producing more, along with other shale oil fields. Plus the fuel economy on vehicles is increasing. Add to that that most of the oil prices are spectulative anyway and you get a drop. Maybe its not huge but when was the last time you saw a "50% off Gas" sale. Use your brains or please just cut your fingers off.
Oct 25, 2012 1:30AM
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Thats awesome because we pay $4.49 per gallon and thats the cheapest price we could find.
Oct 25, 2012 1:27AM
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Plummeting,sure they are,I remember reading the recessions was over back in 2009,you only can feel sorry for those who are misinformed.
Oct 25, 2012 1:26AM
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  Gas prices plummeting, unemployment  nosediving. The budget will be balanced by the third of November.
Oct 25, 2012 1:24AM
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In Central Ohio gas is just over $3.00 and falling.  Normally prices here are higher than other areas of the country.  The President doesn't set prices, the big oil companies do.  They are supporting Romney and Romney has stated that he will continue to subsidize them.  You would think with the billions in profits they are making every quarter that Romney could come up with better places to spend our money.
Oct 25, 2012 1:24AM
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In minnesota a week ago I paid $3.72 per galon and today $3.27 45cents not too bad but Ill be happy when It gets to $1.50  Should I start holding my breath?
Oct 25, 2012 1:10AM
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does this mean...the price per gallon plummeted from 0.28cents to 0.24cents?  (in Saudi Arabia)
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