Oil, Gas Prices in Retreat; Return of $3/Gallon Gasoline?

[Ming]

Gas prices in retreat
www.bizjournals.com
Monday, October 6, 2008 - 11:43 AM EDT



“AAA expects the national average price of gas will drop significantly this fall, with a possible return to $3 per gallon,” Catherine L. Rossi, manager, public and government affairs, said. “The national price of gas would be even lower than it is now if not for continuing gasoline outages in the southeast U.S.”

http://www.bizjournals.com/philadelp...06/daily5.html

AAA: Gas prices fall to 6-month low in Rhode Island
By PBN Staff
Providence Business News

PROVIDENCE – “Falling oil prices are leading to rapidly falling prices at the pumps … leaving prices at their lowest point locally in almost six months,” Lloyd P. Albert, senior vice president of public and government affairs for AAA Southern New England, wrote today in the nonprofit auto club’s weekly fuel-price report.

AAA’s Sept. 6 survey found average price of self-serve, regular unleaded gasoline at Ocean State stations was $ 3.329 per gallon, 14 cents less than a week ago (READ MORE) and 64 cents below the July 7 survey’s record high of $4.109.

“Prices haven’t been this low since around the middle of April,” Albert noted. A year ago, the average price of unleaded regular in Rhode Island was $2.699.

Nationwide, the average price of self-serve regular fell 14 cents over the past week to $3.509 per gallon, after falling 9 cents the week before, AAA found.

In Massachusetts, the average price of self-serve regular fell 15 cents over the past week – accelerating from the previous week’s 8-cent decline – to an Oct. 6 price of $3.329 per gallon, or 76 cents below the July 7 high of $4.089. A year ago, the average price in the Bay State was $2.679.

http://www.pbn.com/stories/35570.html

Pain At Pump Eases Somewhat As Gas Prices Fall
Monday, October 6, 2008
www.10tv.com, WBNS

COLUMBUS, Ohio — Gasoline prices in central Ohio have fallen by at least half a dollar in the past week.

A Speedway station on Shrock Road on the north side was selling regular gasoline for $3.26 a gallon on Sunday, 10TV News reported.

According to ColumbusGasPrices.com, some stations were selling gasoline Sunday at $3.10 a gallon.

Many stations a week ago were selling gasoline at more than $3.70 a gallon.

AAA reported the average price of regular gasoline in the Columbus area was $3.35 on Sunday, four cents less than the average price on Saturday.

Central Ohioans are paying significantly less for gasoline than motorists in other parts of the country. AAA said the gas price in the Columbus area was 17 cents below the national average.

Prices may continue to fall as weakness in the global economy is driving oil prices lower. In trading Monday, oil fell below $90 a barrel for the first time since February.

http://www.10tv.com/live/content/loc...s.html?sid=102

[jkennedy293]

With the continued decline in the world economy. I can see $2.50/gal by the end of this year, or early next year.

[Ming]

So that is the silver lining if GM can't move away from it's Truck/SUV sales model quickly enough.

[Whitesky]

Now hopefully truck and SUV sales pick up.

[RamJet502]

I see this as a necessity for an economic recovery.

[Saturn69]

$2.89 here in Council Bluffs area.

[Saturn69]

Originally Posted by Whitesky

Now hopefully truck and SUV sales pick up.

Pick up? No. Stay steady? Yes. If they pick back up, GM will be right back in the mess they started in. We need to change our ways so $100 oil doesn't knock us on our asses again.

[RamJet502]

Originally Posted by Saturn69

$2.89 here in Council Bluffs area.

I didn't know you lived in Council-tucky, I miss that cheap mid-grade gas with 10% ethanol.

[civilzues]

Originally Posted by Whitesky

Now hopefully truck and SUV sales pick up.

Your kidding me right? It will go back to $4.50 when the economy is better.

[rsinsel]

Originally Posted by Saturn69

Pick up? No. Stay steady? Yes. If they pick back up, GM will be right back in the mess they started in. We need to change our ways so $100 oil doesn't knock us on our asses again.

Well said!

[osv_alero]

My wife and I are paying $2.39 for our Cellulosic Ethanol right now. It makes the price of running Ethanol cheaper than regular gas even with the lower gas mileage (1-3 mpg).

[vanshmack]

Originally Posted by Saturn69

Pick up? No. Stay steady? Yes. If they pick back up, GM will be right back in the mess they started in. We need to change our ways so $100 oil doesn't knock us on our asses again.

I disagree. While oil prices may continue to drop, the upcoming CAFE increases aren't going away. The introduction of more fuel efficient vehicles into the market is an irreversible trend. Pickup truck sales will improve along with the economy, as those who work in the general contractor industry will need them, but I do believe that large, BOF SUV's are on the endangered species list.

[KingElvis]

Huh?

We're just getting below $4 here in Chicago.

Couldn't believe the Marlboro pack price either - our cigarettes are $8 a pack.

[YupYupYup]

Sweet! Cheap gas!!!

[give_it_all_]

In my town by Toronto, we are at $1.09/litre, or $3.73/ US Gallon. Much better than the $1.3x that it was at