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 9:41AM
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Plummeting?!!! Really?!!!! Look up the meaning of the word for heaven's sake! Get under $3.00 a gallon and then maybe there might be something to get excited about. We're not THAT stupid!!
Oct 25, 2012 9:41AM
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What a surprise...another obama campaign manipulation...just like the fake job numbers they posted a couple weeks ago. I hate that idiot.
Oct 25, 2012 9:39AM
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Really!!! You all need to stop with the Obama bashing. What's so bad about him, that wasn't bad about Bush?

I don't care who wins office, because we have no say in what any President does - Republican or Democratic.

My vote will be my vote - but the outcome will be the same - NO MATTER which ones wins. They are going to do what they want. So stop the BS!
Oct 25, 2012 9:38AM
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The Arabs are supporting Obama After the first of the year gas prices will sore to the highest levels ever. Possibly $5.00-6.00 per gal.
Oct 25, 2012 9:38AM
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the oil companies are to big to fail? need to be split  up like they were  when standard oil had a strangle hold the world.
Oct 25, 2012 9:37AM
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MSN spinning for Obama again....can they get more blatent and obvious?
Oct 25, 2012 9:37AM
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When the gas prices fall below $1.80 then I will be impressed!!  I would be embarresed if I was the president and the price of food, gas and other necessities in life were this exspensive...  We need change!!
Oct 25, 2012 9:34AM
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If the crude oil price is coming down how come the gas still so expensive?

now is the crude oil price goes up the gas automaticly goes up?

So basically gas station companies are making more money per gallon as it is.

and we do not protest about it.

Can someone explain this please?

Oct 25, 2012 9:33AM
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3,46 a gal, and people bitch about it being high. look around the world gas is still cheap
Oct 25, 2012 9:32AM
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I can take that money saved from a tank of gas and buy a pack of gum or a roll of livesavers
Oct 25, 2012 9:30AM
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Hmm, these gas prices started going down after the debate about energy and gasoline. I bet anyone after the election the shoot back up.
Oct 25, 2012 9:30AM
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Yep we invaded Iraq for the oil companies and they keep insisting on charging US more than $1 a gallon. So why don´t we hit them with a bill for our services.
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Well, even if lower gas prices seem to be "alarming" to pundits, it's a great thing for the entire civilized nation since fuel costs directly relate to the price of almost all goods sold here and abroad.  Not to mention lower gas prices leads to people travelling more, shopping more, and spending more (since they have more money to spend).

 

VOTE YES FOR LOWER GAS PRICES!

 

 (that was a joke by the way)

Oct 25, 2012 9:28AM
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The President has no control over gas prices.
Oct 25, 2012 9:26AM
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Don't believe this,  article says that the price of gss will be going lower by Thanksgiving. That's not going to happen. Bedause it's an election and the President want to be re-elect he will see that gas prices go down by the time it's time to vote. Mark my word the price of oil is going to go up and go even higher the only one who lose are you and I. It's funny that gas has been going down all of a sudden. Where was this all year, it didn't exist. All of a sudden oil falls and gas falls. This is a wolf in sheeps clothing. Don't believe that the price of a gallon of gas is going to keep on dropping. It isn't going to happen. Mark my word durnig the winter gas is going to sky rocket. It's coming.
Oct 25, 2012 9:24AM
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The President does have tools in his wood shed that will have a long lasting effect on gas proces.  First of all the Keystone Pipeline is the most important energy project EVER!  If we are able to produce oil under $30 per barrel in the Bakken and to the north in Canada and transport it to the existing refineries in Texas and Lousania then we will have gas at the pump for under $2 per gallon for the next 30 years.  Likewise if we are able to produce gas for $1 per gallon, which is the relative cost of a $30 barrel that will put pressure on OPEC to lower prices and we become a petrolium exporter again.  That is why America became a wealthy nation in the first place, exports.  Lastly, fracking is not necessarly a dangerious process.  The popular video of the man lighting his tap water on fire is a farce, that area has natural gas in the aquifer.  The few incidences where the aquifer are actually damaged was due to rare instances.  The area that is being processed in 2000' below the ground where the aquifer is usually 200' to 350' below the surface.  In the Bakken the oil is 10,000+ feet down.  A new process called LP fracking has only one danger, that is the better way to process.  The undisclosed chemicles in frac fluid are now biodegradible as well. If the hippies would learn to buck up and shut the truck up, we would be paying $1.50 per gallon. Surburbans would again rule the highways. BTW they were GM's biggest profit point.
Oct 25, 2012 9:20AM
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Still nearly double from when he took office.
Oct 25, 2012 9:19AM
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your definition of "plummeting" needs to be anaylized.

 

$1.00 is plummeting not 2 cents.

 

MSNBC keep spinning so your water walker will get elected. NOT GONNA HAPPEN!!!!

Oct 25, 2012 9:19AM
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Plummeting? REALLY? If prices were down over $1.00 or more I would say yes but a VERY poor choice of words here...the writer spins this like and $.08 cent drop is gas prices going down crazy quick!  Can anyone on the planet tell reality from illusion anymore.
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