Gas Prices Have Tumbled Nearly A Penny A Day The Past 2 Weeks

Welcome to the era in which $3.63 gas is welcomed as a relief. After a rapid, budget-breaking price surge at the pumps, drivers have finally caught a break with the average gallon of gas Friday dropping 11 cents over the previous two weeks. The price is still nearly a dollar more than gas cost a year ago.

Reuters reports the decrease is due to a drop in the price of crude due in part to the International Energy Agency’s announcement that it will release 60 million barrels of oil in July. An analyst quoted in the story says prices could continue tumble by as much as 25 cents more by mid-July if crude prices continue to drop.

How much have gas prices fallen at your pumps?

U.S. gas prices dip slightly to near $3.63/gallon [Reuters]

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  1. Torchwood says:

    The site I use is GasBuddy.com . I use it to report gas prices on the way to work and back…. which is how I use my car nowadays. Not much other use that I can afford.

  2. conquestofbread says:

    When I started to drive 10 years ago, gas prices were more than 3.5x less than they are today. It makes me wonder what the jump was in the 10 year gap before that, or if the bulk of the increase is due to increased awareness of the scarcity of oil and/or catastrophic events concerning oil. Anybody?

    We have gas about $3.55 here right now.

    • Angus99 says:

      I stand to be corrected, but I thought that the game changer in the last decade was the rise of the economies in China, India, and Brazil (as examples), versus the timeframe you’re referencing. Back in the day, the US and Western Europe were the main drivers of demand – but now, we’re just part of the pack. I’ve read that the trend for the growth in those new economies is such that it’s inevitable that crude is eventually going to be priced more by their volume than ours, and we’re just going to have to deal. One MORE reason to aggressively reduce oil demand that we’ll probably ignore since the price is falling, though. Again, I’m not an expert and more studied readers will probably clarify, but that’s my impression of why the macro cost curve seems to be dancing to different tune.

      • Blueskylaw says:

        The large moves over time are due to increased/decreased worldwide demand from growth. The large short term moves are due to speculators.

        • pythonspam says:

          This.
          We see (and complain about) short term rise and fall (Re: 2008 and now) which is due in great part to speculation regarding oil futures (many 401k/mutual funds/etc are tied into this as well, but we use “speculators” in a specific sense).
          The overall trend, averaging out peaks and valleys, is more tied to actual demand for oil and its refined products. Gas prices may drop significantly from where they were, but won’t drop down as low each time due to overall increasing global demand.

      • conquestofbread says:

        I didn’t even consider the increased demand from burgeoning economies! Good insight.

    • AngryK9 says:

      One word: Greed.

    • LadySiren is murdering her kids with HFCS and processed cheese says:

      $3.39 here at the cheapo station.

    • the_Jenkins says:

      Yes! Gas was $0.95 – $1.00 per galloon when I started driving. I know we’ll never see that again, but it sure was nice paying $12 a week to drive to high school/home everyday. Sheeeit, I would drive everywhere for $20 a week. Arg, pisses me off just thinking about it.

  3. Blueskylaw says:

    “Gas Prices Have Tumbled Nearly A Penny A Day The Past 2 Weeks”

    This is after oil fell by around $10 a barrel, or roughly 10%. So oil falls by roughly 10% yet gas prices only fall by roughly 2.5%. What a fantastic business to be in.

    • Evil_Otto would rather pay taxes than make someone else rich says:

      I was thinking about that this morning. I think that when gas prices spike, market pressures keep prices lower than what gas station owners would like them to be, so when prices get lower, the price at the pump stays higher than it really should so that the owners can recoup some of the profits that they didn’t make when prices were high. Sucks, but the gas station owners are getting squeezed just as much as the rest of us, possibly more.

      If you’re looking for someone to blame, blame the speculators and other rich bastards that are responsible for the high price of oil in the first place.

      • Blueskylaw says:

        You are correct about the gas station owners. My friend owns a gas station and he has absolutely no say in what prices to charge. If for some reason he decided to charge more, they could cut off his supply if they found out.

      • Corndolf says:

        This is true, most individual gas station owners get squeezed on the fuel just as badly as a consumer. A family friend owns a small chain of independent gas stations, and according to him, seeing meaningful profits from fuel sales is a rarity. He mostly views fuel as a loss leader for the convenience store side of the business.

    • adamstew says:

      The price of oil only makes up about 1/2 to 2/3 of the price of a gallon of gas. The rest of it goes towards refining costs, distribution, taxes and then a few cents for the gas station itself.

      So if oil prices fall 10%, you can expect gas to fall about 5-7%. Gas prices are still on the downward trend… then just don’t fall as quickly as they rise…but if oil stays at this price, then the cost of a gallon of gas should fall even more.

      • the Persistent Sound of Sensationalism says:

        Yeah, but the cost of refining isn’t what’s been changing so dramatically during the last decade, it’s the cost of oil.

        • adamstew says:

          oh, I agree. There is still some room in the price for it to fall… but just because you see a 10% drop in the price of oil doesn’t mean it will allow for a 10% drop in the price of gas. Since the cost of oil is only about 2/3 the cost of the gas, a 10% drop in oil will equate to about a 5-7% drop in the cost of gas.

    • the Persistent Sound of Sensationalism says:

      Yeah, they sure are “tumbling” down. It’s a certified avalanche. It’s so refreshing, even though all it will take to send the price of gasoline back up another $1/gallon in one day is the perceived threat of a possible terrorist attack.

  4. anime_runs_my_life says:

    Same here with Gas Buddy. Our prices are at least 40 cents below the national average. I just checked and it’s at 3.17 right now. I wonder if we’ll get below $3 by the 1st? It’d be nice.

    • Blueskylaw says:

      The cheapest premium over here is $4.17. How I envy you.

      • Blueskylaw says:

        Actually the cheapest is about $4.12, but it’s not worth driving the 12 miles round trip to go there.

        • the_Jenkins says:

          Where do you live though? California? Standard of living is different by a large margin if you’re still over $4/galloon. Here in DFW, it was $3.39 for me to get a few bucks the other day.

          • Blueskylaw says:

            I live in the Northwest corner of Connecticut,
            sandwiched between Massachussets and New York.

    • leprechaunshawn says:

      They might. But then they’ll shoot right back up for the 4th of July weekend.

  5. dolemite says:

    Funny how the thought of a disruption in gas causes prices to instantly jump up 5-10 cents in 1 day, but weeks of falling demand and guaranteed surplus of supply results in mere pennies over week long periods.

    • PlumeNoir - Thank you? No problem! says:

      Sadly, I wish the prices only jumped 5 or ten cents. Several times over th epast couple months, I have seen prices jump nearly 20 cents in an afternoon. (That was a day I was glad to have filled up in the morning.)

      In fact, as much as I hate doing it, I look forward to the days when I have to drive an hour south into Toledo. Gas is normally 20 to 30 cents cheaper in Ohio its eems, so I gas up there before I come home.

  6. Hi_Hello says:

    Highest I ever paid to fill up my tank was just over $8.00. It better not cost me $10 bucks, I would have to lay off on the throttle.

  7. barty says:

    If it comes down another 25 cents here, we’re looking at sub $3/gallon gas again.

    Of course we’re paying this much right now because our leaders continue to bow at the altar of the environmental lobby. I fully understand that the days of sub $1/gallon gas are long gone, but there’s absolutely no reason why we should be facing this seemingly yearly cycle of $4/gallon gas except that we won’t develop our own resources enough to offset supply from the more unstable parts of the world.

    • captadam says:

      Do you truly believe that?

      • barty says:

        Yes I do.

        I actually take the time to look at our financial markets, regulation, and political landscape and came to the conclusion quite a number of years ago that the hike in the price of crude has less to do with supply and demand, and more to do with the failure of governments in well developed countries doing what they can to develop their resources in a responsible manner.

        Being the largest consumer of petroleum on the face of the planet, obviously what the US does in this regard has a very large impact on global prices. Thus far, our only response to our own energy issues is to throttle domestic supply of known, reliable and most importantly, economically viable sources of energy. It doesn’t take a genius to see that plan really hasn’t been working out well.

        • parliboy says:

          I would argue that if we are easily the largest consumer of a dwindling resource, and not even close to the largest reserve-holder, then it’s time to find a different resource.

    • MMD says:

      You don’t think the oil companies and speculators have anything to do with gas prices? Really?

  8. captadam says:

    $3.27 or so here in the middle of Ohio.

  9. Apeweek says:

    Chevy Volt driver here. Unlike most here, I need higher gas prices, so the savings will pay for my car more quickly. I’ll feel pretty dumb if gas gets back down to $2/gal.

    • Bsamm09 says:

      (Increase in gas prices causes everything to become more expensive)

      • Apeweek says:

        Well, of course I was joking. The Volt uses gas, too, for longer trips.

        I had figured, based on an average of $4/gallon over the next several years, that the savings in fuel prices would pay for my car in 5-10 years (that is, pay for the difference in price between the Volt and a similar car), depending on how much electric versus gas driving I do.

        So far I am driving about 66% electric, 33% gasoline this summer. I expect to be near 100% electricity during the colder months (when I stop taking long trips.)

    • jesirose says:

      That’s the only reason you’d feel dumb? :-P

      • Apeweek says:

        This is the most fun I’ve ever had driving. So quite the contrary, I love driving past gas stations and looking at all the poor souls lined up there. The Volt is unbelievably quiet and smooth on the road, with awesome acceleration.

        Look at this – both the Volt and Leaf can be leased for $350/month. Gasoline (for a 15,000 miles/year driver, 25 mpg car, $4/gal) costs about $2400/year, or $200/month.

        The same miles on electricity (average 11cents/KWH, 4 miles per KWH) costs just $412, or $34 per month. That’s a savings of $166 per month.

        Use the savings to offset your lease payment, and it’s like you’re leasing a conventional car for just $184/month.

        And the Volt is packed full of every technological gadget possible, and many luxury features, too. Try leasing any other car as nice as this for just $184.

        Would you really feel dumb with a deal like this?

  10. Cicadymn says:

    WOW!

    THAT’S A LOW PRICE!

    /s

  11. Burger19 says:

    3.12 last night

  12. medfordite says:

    Prices here in Southern Oregon have taken the snail’s pace to drop. At present, we are hovering around $3.77/gallon at most stations. It seems for us, we see the price skyrocket up super fast but they sure love to hold onto the profits and take their time dropping the prices down.

    I do have a Kroger store here (Fred Meyer) which I get fuel points for filling my prescriptions (50 per prescription), so whenever I add fuel, I save $0.10 per gallon in exchange for 100 points. So, that helps and if I don’t feel like their gas, I just go to Shell which has a partnership with Kroger to do the same price discount.

    Hopefully we can see a sharper decrease in prices now and much faster.

  13. Engine-B says:

    If this penny-a-day rate continues, gas will be free at this time next year!

  14. the_Jenkins says:

    We went from $3.6x to around $3.39 when I put in a few bucks last. Pretty sad.

  15. Cheap Sniveler: Sponsored by JustAnswer.comâ„¢ says:

    I had to drive 90 miles last friday. Gas was $3.55 at Local Sam’s club.

    Gas only 30 miles down the road outside the valley was $3.35.

    Today, it’s still $3.55 at Sam’s. Someone’s getting taken for a ride here, and I think it’s me.

    • Blueskylaw says:

      Ask the gas companies why the price is so expensive in the middle of the city and they say it’s because it costs more money to drive and deliver gas there.

      Then ask them why gas is more expensive on the highways…

  16. HRGirl wants a cookie says:

    Gas is dropping fast in city areas, down to $3.49 near my home, but is still pretty high in the ‘burbs, $3.84 only 20 minutes up the highway.

    Also, I had a really bad experience at an Exxon. Does anyone have ECCB info?

  17. selmorestuff says:

    Obama. Most of you turds voted for him so enjoy your change

  18. suez says:

    You wouldn’t know it by the gas stations around where I live in Alexandria, VA–the prices havne’t budged.

  19. WeaponX2099 says:

    I live in Chicagoland where gas is the highest in the nation. It just got below $4 on Friday around me.

  20. tatersalad says:

    3.63 gas……Where do you live??? Here around DC (outside the CITY) everyone is still sticking it to ya for around $3.85 or so.

    Its funny how fast they are to jack up the price of gas and yet when its droping they don’t want to touch it at all. Then come end of the year will see RECORD PROFITS from all the oil companies again. I blame them just as much as i do the car companies. you can’t tell me how 15+ yrs back they had no issues maken a cars that got 40+mpg and today they are strugglng w/ this.

  21. mindaika says:

    Stop driving everywhere. Problem solved.

  22. BrownLeopard says:

    In Columbus I’ve spotted it as low as $3.26 and it seems to continue to drop.

  23. brneyedgrl80 says:

    Wow, a penny a day you say? Jeez, that almost makes up for all rapid increases.

    Last I saw, gas was $3.39 and that’s here in Phoenix. If gas ever hit the $2.00 mark again I don’t know what I would do. All that “extra” money I would have.