Tuesday, December 2, 2008


I filled up my tank for less than $20.00 yesterday - which I haven't done in probably a year!!

Oil and gas prices slip to new 3-year lows

COLUMBUS, Ohio – Oil and retail gasoline prices dipped to new three-year lows Tuesday with the United States officially in a recession.

Analysts believe prices at the pump may finally be bottoming out after a precipitous decline from record highs this summer, though demand could fall even further in January with job losses reducing the number of people who drive to work.

Gas prices fell for the 20th week since the July 4th holiday and hit $1.811 per gallon, according to the government's Energy Information Agency.

Auto club AAA, the Oil Price Information Service and Wright Express said prices fell 0.8 cents overnight to $1.812, down 62.4 cents in the past month and $1.249 in the past year.

Prices in some parts of the country were much lower. On the Web site GasBuddy.com, where motorists post gas prices, a BP station in Independence, Mo., outside Kansas City, was selling fuel for $1.29 per gallon.

Daily declines posted for the last two months have begun to narrow. The national average for a gallon of gas peaked at $4.11 in July.

"The big move for 2008 is over," said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service. Prices may fall a few more cents this month and then likely waver into February before beginning to move higher, he said.

Kloza said demand will weaken further in early 2009 as job losses mount amid what may be an extended recession.

"January could be really, really ugly," he said.

More of the article here.

1 comment:

Anonymous said...

It's been as low as $1.52 in Toledo lately! Yippee Skippee!!!