Will We See $2 Gas?

The national average price for a gallon of gasoline — now $2.24 according to AAA — has fallen more than a dollar in just one month, and it’s 86 cents less than it was last year at this time. A drop is normal after the summer driving season, it’s just that we’ve never seen such an expensive summer driving season as we did in 2008. With the Thanksgiving holiday approaching, could we see $2 gas?

The price of gas has been dropping at a rate of almost 3 cents per day for the past month, and there are 17 days until Thanksgiving. That should mean gas will be $1.73 by then, right? Don’t count on it. This is exactly when gas prices traditionally level off. However, it isn’t hard to speculate that the price of gas could be $2 or less by the time we’re bellying up to turkey and stuffing.

Comments

Is there any chance you guys would do a comparison of gas and oil prices from the past 2 years along with the prices from this year?

Gas is $1.95 in the Woodbridge area of Prince William County, VA. It continues to drop every day

$2 gas, even if we do see it, will be very short-lived. OPEC will NOT want to see gas at $30/$40 per barrel. Other gas producing countries like Russia & Venezuela are suffering big time right now...their gov'ts will NOT stand and do nothing about that.

Now the question is, with gas prices dropped like crazy recently, I still haven't heard any discount or the "removal" of those gasoline surcharge from delivery companies or airline companies (and I think cruise tours too!). WTF? That's so fair to the consumers...

I just got some for $1.89 here in houston. We pay for that cheap gas with increased traffic. My commute time has doubled in the last few weeks. I hope the cheap gas doesn't undo all the fuel efficiency changes that everyone was forced to make, ie buying fuel efficient, and driving responsibly.

Broq

87 Octane Gas is $1.93 here in San Antonio today. And, of course, people are once again driving like complete idiots. To add insult to injury, there's more talk about people getting that truck / suv they've always wanted. Sigh. Don't they know that "cheap" gas is just a short repreive from the high prices? It WILL go back up. And it will be painful for those with short-term memories.

Meanwhile, I'll enjoy driving my Civic Hybrid in a reasonable manner. Whether gas is a buck fitty or $4+, I'll get by.

If I am not mistaken, gas prices tend to be depressed during a recession.

I also read a quote from one of the "oil ministers" at a recent meeting they had that their break even point is $70 a barrel and that they were going to do their best to manipulate the market to get crude prices above $70 again.

1.79 in lexington ky. hope it lasts

The danger of falling gas prices
http://news.medill.northwestern.edu/washington/news.aspx?id=104557

I admit, I've said before that gas will not go lower then $2.50 under any conditions. It is scary that it did. Gas shouldn't be less then $4 per gallon or will become over-consumig nation again. I mean, we still are but people did cut on their driving, started to purchase small cars, manufacturers started to care. Suddenly all have hybrids, diesels, small efficient cars. We were on the right path. And now I'm afraid, some people will take off the planned route

$1.74 Northside Richmond,VA.

The American people stepped up to the plate and did what was necessary, cutting their driving and being more sensible about their gasoline use, and that's all it took to push prices down below $2 per gallon. The United States is still the world's 3rd largest oil producer, and more than any other industrialized country we control our destiny on gasoline prices. All of us hybrid owners more than did our part to cut gasoline consumption too, and when more people buy hybrids and plug-in hybrids there will be more downward pressure on prices. At that point the feds should slap a $1 per gallon tax on gasoline, $2 per gallon on non-truck diesel vehicles(for the environmental damage done by those clattering stinkmobiles) and funnel all that money into incentives that go directly to people who buy hybrids and plug-in electrics. Only then will we be free of OPEC, and accelerate the necessary transition to electric transportation options.

$1.95 and falling in Laurel, MD.

$1.95 and falling in Laurel, MD.

$1.99/gallon for 87 in Lake Oswego, Oregon. Woo Hoo! Although, I still plan my routes and drive like it's $4/gallon.

"...for the environmental damage done by those clattering stinkmobiles..." (diesel cars)

I thought we already went over this. New diesel cars are as clean as others...

87 octane is going for $1.59 in Kansas City, Missouri.

I think that what we need to do is negotiate an end to the iraq war
than we can use some of the money we save on environmental improvements.