Posted by: Catie | December 5, 2008

Some good news: Gas for $1 a gallon

gas2Have you heard the good news yet?

A gallon of gas could soon fall below $1 a gallon.Oil Prices

This seems amazing since just this summer it cost more than $4 a gallon.

Now with gas prices plummeting, this means more people likely will be able to hop in their cars and not have to worry about spending $50 or $100 every time they have to fill up at a gas station. Instead, they’ll be able to travel where ever they want.gas_prices_0812011

So you might ask, why the sudden shift in prices?

The Associated Press is reporting that oil prices hit four-year lows today as employers cut the highest number of jobs in 34 years. “The continuing decline in prices is so dramatic and so sudden that it is raising the prospect that gas prices could soon fall below $1 a gallon,” the AP wrote.

The last time gas prices were this cheap was in March 1999 when it cost 97 cents a gallon, according to AAA motor club.

When a gas station in East Haven, Conn. offered gas for 99 cents a gallon this past May, drivers started lining up at 4 a.m. so they could save a bundle.

Gas in the Syracuse area is averaging just under $2 a gallon. The national average is $1.77 per gallon.

That’s not so bad, but when gas prices were twice as much it really affected the economy.4gas

A study by the Department of Transportation showed the number of drivers on the road in March 2008 fell 4.3 percent compared to the year before. That was the first time in 30 years that fewer people traveled on public roads during the month of March, CNN reported.

Let us know, do you think you’ll travel more as the price of gas drops?

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Responses

  1. Wouldn’t that be something? I don’t remember the last time it cost less than $30 to fill the tank.

  2. This is fascinating. And it begs the question, “Didn’t we go to war in Iraq to lower gas prices?” Well, then, Mission Accomplished!!!


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