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Title: Gasoline Prices Post Biggest Fall In Nearly 4 Years
Source: Reuters
URL Source: http://www.newsdaily.com/stories/br ... 0n0-us-energy-gasoline-retail/
Published: Nov 5, 2012
Author: Reuters
Post Date: 2012-11-05 10:42:13 by Brian S
Keywords: None
Views: 12924
Comments: 33

NEW YORK, Nov. 5, 2012 (Reuters) — The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday.

Gasoline prices averaged $3.5454 per gallon on November 2, down 20.75 cents from October 19 when drivers were paying $3.7529 at the pump, Lundberg said.

The decline was the biggest two-week price drop since the survey recorded a 21.9 cents price decline December 5, 2008 due to a crash in petroleum demand during the global recession.

Even though many people had to line up for gasoline for hours after Sandy devastated much of the Northeast coast, the storm played a part in the price decline as many would-be consumers were not able to travel as a result, according Trilby Lundberg, editor of the Lundberg Survey.

Lundberg also cited the seasonal dip in demand that typically comes after August.

While demand appeared to be very high for gasoline in New York and New Jersey after the storm, Lundberg said that purchases were down because many people could not get to fuel.

However, supply shortages were not causing an increase in the average price of gasoline, according Lundberg.

"There is a fear among retailers that they will be accused and prosecuted for price gouging if they raise prices enough to prevent running out," she said, adding that the problems would be unlikely to end soon.

"It's going to be a long and hard recovery for infrastructure and fuel supply but also for fuel demand," Lundberg said.

Another reason for the total U.S. price decline in the latest survey is California, the biggest state consumer, where pump prices fell 49 cents in past two weeks after an extreme price increase a month ago because of refinery problems.

The November 2 survey shows that gas prices have fallen a total of 29.21 cents in the last month, Lundberg said.

The highest prices for regular gasoline recorded in the November 2 survey were in San Francisco at $4.05 a gallon, while drivers in Memphis, Tennessee were paying the least at $3.11 per gallon.


Poster Comment:

$3.23 around these parts

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Begin Trace Mode for Comment # 9.

#8. To: Brian S (#0)

A very simple fact:

The cost of gas was $1.84 just six days after President Obama's inauguration.

calcon  posted on  2012-11-05   13:59:36 ET  Reply   Untrace   Trace   Private Reply  


#9. To: calcon (#8)

A very simple fact:

The cost of gas was $1.84 just six days after President Obama's inauguration.

A simpler fact: Energy prices overall plunged because of the great recession caused by the bush admin.

Gasoline first top over $4g earlier in that very same year.

Thanks for playing.

Brian S  posted on  2012-11-05   15:49:10 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 9.

#10. To: Brian S (#9)

Energy prices overall plunged because of the great recession caused by the bush admin.

And Energy prices overall plunged now because of the Obama recession? People don't consume gasoline when they have no job to go to and have given up looking for a job.

Abcdefg  posted on  2012-11-05 16:17:16 ET  Reply   Untrace   Trace   Private Reply  


#12. To: Brian S (#9)

The cost of gas was $1.84 just six days after President Obama's inauguration.

calcon  posted on  2012-11-05 21:51:41 ET  Reply   Untrace   Trace   Private Reply  


#14. To: Brian S (#9)

A simpler fact: Energy prices overall plunged because of the great recession caused by the bush admin.

What did Bush do to cause the recession?

I think socialist spending is what is causing the problem. Think about it. I'm sure you recently read about them spending 60 thousand dollars per welfare family. Then they said it wasn't that bad because 40 thousand of that was in administrative costs. So 2/3 of the money spent to help people is essentially wasted. So you have a bunch of people who are administrators of these programs. They act as sponges siphoning money from the people who actually work. Then you have the people on welfare. They are also gov tit suckers, parasites many of them. Then these welfare parasites get dependent on the meager benefits they receive. They then don't want to work because they might lose their food stamps. Then they raise their kids who then emulate the behavior. These people are lazy. They are a drag and they feel entitled to your money and other peoples money. We are in decline because of peoples values. Nothing the government tries can make us great. It comes from within. We need moral people. However the government can hinder our greatness. So the best thing is for the government to get out of the way of people living their lives to their fullest. That isn't what Obama is offering as President. You know that and I know that. We've lived it. Romney will be better on that front. That is my opinion.

A K A Stone  posted on  2012-11-05 22:04:23 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 9.

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