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Gas Prices Fall Below $4; First Time Since June
July 28, 2008 4:42 PM
ABC News’ Daniel Arnall reports: The Energy Department announced this afternoon that gas prices have fallen by 11 cents in the past week. The national average price for a gallon of regular unleaded is now $3.96. This is the first week since June 2 that has seen a national average below the $4 mark.
Even with the big drop, the price is still 38 percent higher than it was a year ago ($2.88).
Consumers in the Midwest saw an astounding 15 cent drop in the price of a gallon -- the biggest regional drop in this week’s survey.
American consumers are helping push prices lower by cutting back on their driving. The demand for motor gasoline has fallen by 2.4 percent, according to the latest weekly Petroleum Status Report from the Energy Department.
The falling demand for refined products was a key factor in the significant sell-off in crude oil futures two weeks ago. Today, the price of a barrel of crude settled up $1.47 to $124.73. That’s nowhere near the $147 peak that oil hit on Friday, July 11.
Analysts say increasing tensions between Iran and the West and continued violence in oil - exporting Nigeria helped buoy the price of oil today.
July 28, 2008 | Permalink | User Comments (10)
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I'm guessing a guy I saw about an hour ago in my neighborhood who was just gunning it around the neighborhood as fast as he could with his 8 cylinder truck was celebrating the recent drop in gas prices.
I hope they rise again so less people like him are on the road just wasting gas, polluting the planet, and making the demand go up from their stupidity.
Posted by: Courtney | Jul 28, 2008 5:04:58 PM
Courtney, you are an idiot.
Posted by: Lori | Jul 28, 2008 5:34:46 PM
I agree with you Lori, Courtney is an idiot. Why would anyone want the gas prices to go higher. Think before you write next time, Courtney.
Posted by: Pauline | Jul 28, 2008 6:20:34 PM
There have been two new discoveries for oil, one in the far east, and the other in northern Russia. So the price will go down; Until or unless they invade Iran.
Posted by: ick! | Jul 28, 2008 7:46:15 PM
What's a madda?...afraid we all might be staying home? Their price gauging has finally caught up to them. No vacation, staying home, equals more trouble for the economy. I guess the powers that be didn't expect that. Give it a few more weeks, there's another holiday coming.Price will rise again.Then all we'll hear is drilldrilldrillll. Like that's going to solve all our problems.
Posted by: Miki | Jul 28, 2008 8:49:13 PM
Out of no where the oil and gas prices have started to drop now that summer is almost over and the big oil companies have shafted thousands out of distant vacation sites. So who says that they aren't just manipulating the prices, why drop now, just because G W said its ok to drill off shore, they still can't so what caused the drop, oh thats right the Republican candidate needed a jump in the polls, so big iol who is in bed with the con's droped the price. Is anyone realy fooled????
Posted by: Saddlesablazing | Jul 29, 2008 9:06:40 AM
Up here in MN gas is 3.63. Tee hee. I don't care honestly if it's 4.00 or less, I'm just happy they increased the rate of mileage. Woohoo!
Posted by: Beth | Jul 29, 2008 9:47:47 AM
Man some of you make my head hurt... Whether we drill or not it wont matter with the prices, we'll just have more oil piling up in the REFINERIES.
Just shut up about who controls what and learn the basic economics of supply and demand and you may understand why the prices have fell..
Posted by: Matt | Jul 29, 2008 10:34:23 AM
Big deal .15 cents drop in a town in the the midwest. Here in a border state in the west it is still above $4.45 in most cities and towns. I have not seen it below $4.45 after it reached skyrocket the prices this year. Last year it was just above $3.25. The highest it had been in some stations near my home was $4.69 for more than a month for regular this year. Why the big difference? Oh, year, we are not a Cheney state or Bush state. We are not even a McCain state. Silly me.
Posted by: lovinggrandma53 | Jul 29, 2008 11:15:06 AM
Lori and Pauline are the idiots! If all the people with full sized trucks who don't actually NEED full sized trucks drove something smaller, the price of gas would be lower. Can you imagine how much less gasoline would be used if the 15 mpg trucks were replaced by something that got 25 mpg? There's still a need for trucks, but not everyone who has one needs one. If Americans could wake up, and not think about their "status" first, gas would be cheaper. Supply and demand.
Posted by: Hawkes | Jul 29, 2008 12:01:45 PM
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