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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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?
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)
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!!!!
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Do it once a year. This allows the best-performing asset classes to take off and run.
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