$4 Gas Is No More

According to the Energy Department’s weekly survey of filling stations, $4 gas is no longer the status quo. While last week saw gas still average $3.955 (borderline $4) nationally, this week gas slid another $0.075 to $3.88. Since gas prices tend to lag behind the lightning quick movements of crude oil, its likely gas prices will continue to fall (all else equal).

Of course, it’s important to have this caveat accompany news of the recent tumble in oil and gas prices: Prices are dropping primarily due to worries about a collapsing US and global economy. So don’t get too excited.

See Also:
$120 Oil To Save US Economy or Stock Market? No.

More Peak Oil Evidence: Exxon Production (XOM) Falls 7.8%, Most In Decade
Lehman: Oil Back to $90 In Six Months

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