McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams Money Manager.com is a BBB Accredited Business. Click for the BBB Business Review of this Financial Services in Knoxville TN

Money Manager Articles

Home > News and Opinion > Gas Prices Drop To Their Lowest In Almost Four Years

Gas Prices Drop To Their Lowest In Almost Four Years

George Sterling | Monday, November 5th, 2012

According to a new survey that was released on Sunday, gas prices have dropped to their lowest value in nearly four years. According to the survey, the average price of gasoline per gallon in the United States is currently at its lowest price since the financial recession struck the world economy in 2008.

The survey reveals that gas prices have been low since the past two weeks and have dropped after hurricane Sandy. Another reason that has contributed in lowering gas prices is lower prices of crude oil and a huge decline in gas prices (at pumps) in California.

According to Lundberg, gas prices dropped by 20.75 cents and averaged closed to $3.5454 a gallon on the 2nd of November as compared to the 19th of October. On the 19th of October, individuals were paying $3.7529 for gas prices at the pump.

Additionally, according to Lundberg Survey’s editor Trilby Lundberg, Hurricane Sandy has played a part in bringing a decline in gas prices. Trilby said that a lot of people have had to stand in queues in order to get their tanks filled after the storm destructed the U.S east coast but helped in bringing a drop in gas prices as a lot of potential consumers would not be able to travel because of the storm.

On the other hand, gas demand in New York and New Jersey was high after Hurricane Sandy but the purchase of gas remained low since a lot of people couldn’t get to the pumps to get fuel. There has been an outburst in the number of people showing up at gas stations across the east coast but according to Lundberg, supply shortages will not bring an increase in average gasoline prices.

Lundberg’s survey revealed that gas prices have dropped by 29.21 cents in the last month (as of November 2). On November 2, the highest price at which gas was selling was in San Francisco, where gas was priced at $4.05 per gallon, whereas in Memphis, Tennessee, the average price of gas was $ 3.11 per gallon.

I need help with:
Portfolio Management Retirement Planning
Estate Planning Education Planning
401K Rollover Debt Relief Services


Leave a Comment

*

  
Portfolio Management
Retirement Planning
Estate Planning
Education Planning
401K Rollover
Services
News
Money Manager Login
Privacy Policy
Terms of Service
Contact
Money Manager Directory
Calculators
Sitemap
© 2017 MoneyManager.com All rights reserved