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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. FOX News: Gas Prices Record Largest-Ever Drop, Close In on $3 (October 13, 2008) CNN Money: Gas prices fall again (October 25, 2008)
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.Guardian: U.S. gasoline price (October 12, 2008)
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Fast Facts
- Average price for a gallon: $2.735CNN Money: Gas prices fall again (October 25, 2008)
- The national average is 33.5%, off the record high price of $4.11 reported July 17CNN Money: Gas prices fall again (October 25, 2008)
- Oil prices: around $64 a barrelTIME: What's Behind (and Ahead for) the Plunging Price of Oil (October 24, 2008)
- Road travel fell 3.6 percent during July, and 5.6% in AugustGuardian: U.S. gasoline price (October 12, 2008) TIME: What's Behind (and Ahead for) the Plunging Price of Oil (October 24, 2008)
- OPEC announced a 1.5 billion barrel a day production cutTIME: What's Behind (and Ahead for) the Plunging Price of Oil (October 24, 2008)
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The Mahalo Top 7
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USA Today: Gas prices drop sharply across U.S.
usatoday.com (October 12, 2008) -
WCBS (NYC): Gas Prices Plummet as Frugal Consumers Drive Less
wcbstv.com (October 13, 2008) -
Washington Post: Record Price Decline at the Gas Pump
washingtonpost.com (October 13, 2008) -
Guardian: U.S. gasoline price marks biggest drop ever -survey
guardian.co.uk (October 12, 2008) -
YouTube Video: Gas Prices Down Nationwide (Time: 0:43)
youtube.com -
CNN Money: Gas prices fall again
money.cnn.com (October 25, 2008) -
TIME: What's Behind (and Ahead for) the Plunging Price of Oil
time.com (October 24, 2008)
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USA Today: Gas prices drop sharply across U.S.
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Questions and Answers About U.S. Gas Prices Drop | View All | Ask a Question
View All U.S. Gas Prices Drop Questions (1823) | Ask a QuestionWhy do gas prices change on a daily basis? (7 Answers)They 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 $1.90, ... read moreWhy have gas prices suddenly dropped after hitting such a record high? Is the price swing real or manufactured (10 Answers)The short answer is that the recession has reduced the demand for oil consumption worldwide. This has caused the price to fall since supply is essentially constant in the short ... read moreDo you really think that the gas prices will shoot back up into the 4 and 5 dollar range? (6 Answers)Oil 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 moreWhat is price? (2 Answers)The blob of text above is cut and pasted from your Amazon profile, and doesn't help clarify what it is about price pressures you don't understand. In fact, it sounds ... read more
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