Business

Lowest gas prices in US since 2007
by Zuzana Zelenakova

The financial crisis has showed at least one of its benefits to the US consumers. The gas prices have marked its biggest drop since March 2007. Consumers can now save some extra money and use them to buy some other goods. The reason for such a development has been the decline in consumers´ demand. Last week the price for a gallon of gasoline fell 26 cents to $2.66. the Energy Department informed on Monday. "Plummeting oil prices and caving gasoline demand have combined to bring the biggest retail gasoline price cut in the history of the market," Trilby Lundberg, who has compiled the nationwide Lundberg Survey, said at the beginning of October when the gas price was approximately $3.3 a gallon. "We've been doing this 58 years. This is truly the biggest price drop." Fears of the global recession also contributed to declining US crude oil futures prices. They fell more than 10 percent, which is the lowest since September 2007. Heating oil prices fell down as well. It should be added that traffic on all US roads fell 3.6 percent compared to the same period last year as the Transportation Department informed. It´s been almost a year since the declining driving activity was reported. As to the future development: "The even weaker economy now suggests that despite a price crash on the street ... it is still probably not enough to inspire any strong comeback in demand any time soon," said Lundberg, whose survey evaluates prices at about 5,000 gas stations. "It looks as though gasoline prices will continue down but at a moderated pace, unless crude oil prices leap up substantially and stay there." According to the survey the lowest gas prices in US are at the Midwest and the highest average prices are at the West Coast.


related story: http://news.yahoo.com/s/nm/20081027/bs_nm/us_usa_gasoline_price;_ylt=Av_byifj3LvNMB1NCa8PpROs0NUE

by Zuzana Zelenakova for PocketNews (http://pocketnews.tv)

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posted by Blog TechSource @ 5:38 AM