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.

More from Top Stocks



Tags: oil
718Comments
Oct 25, 2012 10:52AM
avatar

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!

 

Oct 25, 2012 10:47AM
avatar
I notice they didn't mention that here where I live in Florida, the price of gas went UP almost $.50 cents in a little over two weeks!  What would we call that, a "slight" raise in gas prices?????
Oct 25, 2012 10:47AM
avatar
Aside from the biased slant to your article I would beg to differ that gas prices are not plummeting. True, they are lower, but they are still at record levels from four years ago. You may paint the economic situation to fit your bias, but out in real America, things are not so good.
Oct 25, 2012 10:46AM
Oct 25, 2012 10:44AM
avatar
They're STILL at Hurricane Katrina prices.
Oct 25, 2012 10:44AM
avatar

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?

Oct 25, 2012 10:43AM
avatar
Obama said in the debate that the reason gas prices were low under Bush was that "we were headed into the worst recession since the 1930"s".  So according to Obama's fuzzy economics, what does this downturn in gas prices mean?  That the economy is tanking.  It's not of course....but I'm just saying.
Oct 25, 2012 10:42AM
avatar
Gas is $3.24 a gallon here in Paducah, KY. A couple of weeks ago, it was about $3.70
Oct 25, 2012 10:41AM
avatar
Wait! Don't lower gas prices mean that our economy is doing worse? Who was it that said that?
Oct 25, 2012 10:37AM
avatar
Does it take an IDIOT to realize election day is less than 2 weeks away.Elect the wrong one again and see how much it is a month from now.
Oct 25, 2012 10:36AM
avatar
Don't worry. The day AFTER the election, they will go right back up again.
avatar
Well where live in Washington gas prices are always $4 to3.80 without much change, I don't know if it is greed or it costs more to travel that 45minutes down the road from the many refineries we have, but for those of you that have been paying close to $5 I am happy for you that prices are coming down.
Oct 25, 2012 10:33AM
avatar
Plummeting?  As I write this comment, gasoline futures are up 3.25 cents a gallon.  Guess the traders and speculators are getting nervous their holiday bounuses will be less so they are driving the prices up again.   It's so dumb how this commodity, which everyone needs, is manipulated.   Play with gold and silver and leave oil alone please.
Oct 25, 2012 10:32AM
avatar
where in the hell are them prices at, I live in mich and there are plenty of college towns and the prices are well over $4.00 a gal. another lie from our fearless leader  or should i say Ball-less leader
Oct 25, 2012 10:28AM
avatar
I wouldnt call it plummeting, down maybe but it still has to drop another $2 a gallon before i would say plummet.It getting back to lubing you up instead of a dry F___K!
Oct 25, 2012 10:25AM
avatar
This just in.... Pigs are Flying out of the Dome on Capital Hill!
Oct 25, 2012 10:25AM
avatar
They need to look up the word "PLUMMETING" before they use it in a headline. The word "BULLY" is being used out of context daily as well.
Oct 25, 2012 10:24AM
avatar
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  
 
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
Oct 25, 2012 10:21AM
avatar
I don't consider measly price decreases as "plummeting".
Oct 25, 2012 10:21AM
avatar
Gas price this morning near Minneapolis: $3.15/gal
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

124
124 rated 1
282
282 rated 2
455
455 rated 3
624
624 rated 4
642
642 rated 5
665
665 rated 6
610
610 rated 7
460
460 rated 8
287
287 rated 9
167
167 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
KOGKODIAK OIL & GAS Corp10
TWXTIME WARNER Inc10
BBBYBED BATH & BEYOND INC10
FOXATWENTY-FIRST CENTURY FOX Inc CLASS A10
COPCONOCOPHILLIPS9
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.