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- Prices began to increase again in late December 2008CNN: Gas prices: Up 14% for the month (January 31, 2009)
- Gas prices began declining consistently on September 17, 2008, average price became $2.589CNN Money: Gas Sinks to 3-Year Low (October 29, 2008)
- Gas prices rose 2.9% during the month of June in 2008CNN Money: Oil touches record but ends lower (June 30, 2008)
- Gas prices rose nearly 38% from June 2007 to June 2008CNN Money: Oil touches record but ends lower (June 30, 2008)
- Crude oil prices increased 40% during the first five months of 2008CNN Money: price record reaches $4 a gallon(June 8, 2008)
- U.S. gas consumption dropped by 2% from 2007 to 2008 for the first time in decadesMarket Watch: prices will come down (May 5, 2008)
- When asked about the prospect of $4 gas during a press conference, George W. Bush replied: ""That's interesting. I hadn't heard that." The Huffington Post: On $4 Gas: "I Hadn't Heard That" (February 28, 2008)
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On June 6, 2009, the AAA reported that gas prices, after rising for the previous 39 days, had reached a national average of $2.606. Gas prices had not reached the level of the previous June's record of $4.086.CNN: Gas prices above $2.60
Gas prices began to rebound in late 2008, and climbed 14% over the month of January, 2009. The average price of $1.855 per gallon was still 38% lower than January 2008.CNN: Gas prices: Up 14% for the month (January 31, 2009) Between September and December, 2008, prices had declined from historic highs established in June 2008, reaching a low of more than 37% from the spike in June.CNN Money: Gas Sinks to 3-Year Low (October 29, 2008)
Causes of Increasing Prices
- Increasing international demand for oil
- Decreasing availability of oil
- Turmoil in the Middle Eastern region
- Policies of The Bush Administration
- OPECAlterNet: Why We're Suddenly Paying Through the Nose for Gas (June 12, 2008)
Record Highs
On June 30, 2008, U.S. gas prices reached a record high. According to an AAA survey, the nationwide average for gas was $4.086 per gallon.CNN Money: Oil touches record but ends lower (June 30, 2008)Driving Decrease
In May of 2008, CreditCards.com conducted a survey on the driving habits of Americans, who reported the following cutbacks:- 66% reported less driving for pleasure
- 53% reported a decrease in driving to visit friends and family
- 25% reported they had cut down on driving to work
Of the 54% of those polled who reported less driving for vacation purposes, the greatest decreases were among those earning between $30,000 and $49,000 per year.CreditCards.com: Gas prices take toll on family visits
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Gas Prices Questions
Why do gas prices change on a daily basis? 7 AnswersThey change because they have to stay competitive with other gas stations. if gas station A receives gas on monday for $2 and gas station B on tuesday for $1.9... read more
Is there a way for a consumer to lock in the current gas prices for the next couple of years? 20 AnswersThat question was answered about two hours ago in a question about mygallons .com. This is what I had to say about that service ( and others like it ) The... read more
Despite the recent gas price decrease (and economy crunch) do you think its worth getting a hybrid? 2 AnswersIf you have to replace or have been wanting to replace a car go for it. You were going to spend the money anyway. Spend a bit more now, save over the long haul... read more
Do you really think that the gas prices will shoot back up into the 4 and 5 dollar range? 6 AnswersOil is not a renewable resource. So, as the oil runs out (however long it may take), the price will be increase. Also, as others have mentioned, there is the... read more
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Near term likely to bring more low natural gas prices http://bit.ly/7Nu2TQ
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ARCO (407 E St, Chula Vista, CA) Gas Prices: Reg: 2.690, Mid: 2.790, Prem: 2.890, Diesel: n/a (from @cheapgasapp)
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Near term likely to bring more low natural gas prices http://bit.ly/8RtQhw
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Near term likely to bring more low natural gas prices http://bit.ly/8XZkJb
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Great article: Near term likely to bring more low natural gas prices - Houston Chronicle http://ow.ly/163vQ2
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