Bright Side To Economic Crisis: Gas Prices Plunging

Falling crude prices have finally led to a steep drop in gas prices. Now people can pay to gas up the cars they can no longer afford.

Reuters: The average retail price for a gallon of gasoline in the United States plunged more steeply than ever over the last two weeks as the economic slowdown weighed on crude oil and drove consumers off of the roads, according to the latest nationwide Lundberg survey.

Prices will likely slide more, but at a slower pace, following the “extraordinary” decline this month, survey editor Trilby Lundberg said on Sunday.

The national average price for a gallon of self-serve, regular unleaded gas was $2.7785 on October 24, a decline of about 53 cents per gallon in the past two weeks, according to the survey of some 7,000 gas stations.

Gasoline is now about a penny cheaper than it was a year ago, and about $1.33 less than it was at a record peak in July.

“The drop is unprecedented,” Lundberg said in an interview. “It was dictated by the crash in crude oil prices and deepened powerfully by falling U.S. gasoline demand.”

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