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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I wouldn't call a $.10 drop a plunge!!! in a week or 2 they will be back up and you won't hear a thing about gas prices. gas prices go down $.10 a gal and its big news??? give me a break! wait till after the election, if Obama gets back in then you will see a major increase in gas prices!
Who in the hell writes this stuff? Right from the first paragraph, all this story did was piss me off. If gas got down to like, $2.00 a gallon, then I'd think the gas price had plummeted, and was impressive.
I think they need new writers on here! What do they think this will make us vote for Odumbo?
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
I think he's finally seen the light and i already sent my ballot in so i cant change my vote ** oh well ** maybe my vote against him wont hurt to bad.
AH ya say, but gas was only $ 2.43 a gal when he went into office and that was way to much, but he's giving me a 1.5 % increase in my SS (( $ 21 BUCKS A MONTH )) to take care of the rise in cost of living. He says DO THE MATH and you will see it does not work.
Gas here is down to $ 4.17 DO THE MATH 1+1= 3
WHAT A FARCE
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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