U.S. Gas Prices Drop

Gas prices dropped below $3 a gallon, the lowest prices in a year, on October 25, 2008. Many analysts credited sharply declining oil prices and diminished demand for gasoline as driving forces behind the drop. ^{1 2}

The principal underlying reasons remain the anticipated 2008 Recession and Global Credit Crisis, which affect global markets and reduce the need for energy in a slowing economy.³

Fast Facts

1. Average price for a gallon: $2.735²
2. The national average is 33.5%, off the record high price of $4.11 reported July 17²
3. Oil prices: around $64 a barrel⁴
4. Road travel fell 3.6 percent during July, and 5.6% in August^{3 4}
5. OPEC announced a 1.5 billion barrel a day production cut⁴

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