Gas Prices - Biggest Drop Ever

[Hunter]

NEW YORK (Reuters) - The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.

The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on October 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey.

It was the lowest national average price since March 21, 2008. Since peaking at $4.1124 on July 11, the average cost of a gallon of gas has receded by 80.45 cents. Diesel fuel fell 21 cents to $3.95 a gallon, the first time since March that it has been below $4.00 a gallon.

"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 compiles the survey, said in an interview. "We've been doing this 58 years. This is truly the biggest price drop."

On Friday, fears of a global recession helped drive down U.S. crude oil futures prices more than 10 percent to the lowest settlement since September 2007. U.S. crude for November delivery settled on Friday at $77.70 a barrel, down $8.89, or 10.27 percent, on the New York Mercantile Exchange.

Meanwhile, travel on all U.S. roads fell 3.6 percent, or nearly 10 billion vehicle miles in July, compared with the same period last year, according to the most recent figures provided by the Transportation Department. It was the ninth straight month of declining driving activity.

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I filled up for $2.92 yesterday in Houston. How is everyone else doing?

 

[Mamba]

$3.33 in SoCal. Fuckin' cheap for us, here.

 

[ghoti]

$2.82 at the place on the corner. I swear I live a block from the cheapest gas in NJ.

 

[44Thrilla]

I got a 3 year gas card with my car that guarantees I don't pay more than 2.99. I got that when gas was over $4, now it's useless.

I'm rooting for gas prices to hit 5 dollars next summer.

 

[Mamba]

I got a 3 year gas card with my car that guarantees I don't pay more than 2.99. I got that when gas was over $4, now it's useless.

I'm rooting for gas prices to hit 5 dollars next summer.

Dodge/Chrysler/w/e ran that promo and got a lot of people to bite @ it. Weren't a lot of analysts predicting gas to drop below $3/gallon once summer was over?

 

[44Thrilla]

Dodge/Chrysler/w/e ran that promo and got a lot of people to bite @ it. Weren't a lot of analysts predicting gas to drop below $3/gallon once summer was over?

Yeah, it isn't the reason I got the car, although it was a nice perk all summer. Gas will go back up next summer, so I;ll go back to using it again.

 

[DaRizzle]

I got a 3 year gas card with my car that guarantees I don't pay more than 2.99. I got that when gas was over $4, now it's useless.

I'm rooting for gas prices to hit 5 dollars next summer.

Sucker

 

[Hunter]

Yeah, it isn't the reason I got the car, although it was a nice perk all summer. Gas will go back up next summer, so I;ll go back to using it again.

Interesting concept on the card. Can you only use it at certain gas locations? Did you have to pay a fee for it up-front of was it included in the price of the car?

 

[44Thrilla]

Interesting concept on the card. Can you only use it at certain gas locations? Did you have to pay a fee for it up-front of was it included in the price of the car?

It's good at like 97% of gas stations. Basically, you use it at the pump like it was a credit card. The gas station charges the full price to Chrysler, and then Chrysler charges my credit card the adjusted price. There was no charge for it, they were just really desperate to sell cars, especially since they don't make a car that gets 30mpg that I know of.

 

[Petey]

Filled up on premium at an Exxon on US1 this weekend at 3.29 a gallon.

-Petey

 

[huevonkiller]

Damn, this is freaking awesome. My Car only gets 21 MPG, but I just walk the pain off at these prices. :[

 

[Petey]

Damn, this is freaking awesome. My Car only gets 21 MPG, but I just walk the pain off at these prices. :[

My car gets 21mpg too, hat is good... I've owned several SUVs and have had mileage of like 8/9 mpg.

-Petey

 

[thedude9990]

i have a civic, they said it gets close to 30... I filled up for 2.95 i think this weekend, then saw one of those littleno name station for like 2.80 i think

 

[Dumpy]

my local station dropped 20 cents from this morning to this afternoon.

I think it is all based on when they received their most recent shipment of gas. They have to recoup their expenses. That's why there could be such a disparity right now between stations on the same street. The prices are just dropping so fast, that whichever station has received the most recent shipment will just offer the lowest prices (at some point the competitors will have to suck it up and match, thereby taking a loss, or they will never be able to sell their supply)

 

[Shapecity]

I prefer higher prices because it means less traffic for my morning drive.