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Home › Money

Money | 11/21/2008 7:45 am

Gas Prices Drop Below $2 a Gallon

By The Staff at wowOwow.com
Gas Prices
© Shutterstock

There’s an upside to the falling economy: Gas prices are at the lowest they’ve been in nearly three years.

The average price of gasoline fell below two dollars a gallon today, according to a report from AAA. The last time we saw prices this low was in March 2005, CNN reports. The nationwide average price this morning for gas is now $1.989 a gallon — a big dip from what the national average price was July 17, 2008: $4.114 a gallon.

Months before the credit crunch, crude oil prices reached peaks of $147.50 a barrel. Now, with talks of a global recession, the price of crude has fallen to below $50 a barrel. Costly fuel and a poor economy (with growing job losses, dwindling savings) led to less demand for oil. While this means there will be less pain at the pump for consumers, find out why wOw’s financial columnist Liz Peek says you should worry about falling gas prices.


To find the stations with the lowest prices for gas in your area visit:

Gas Buddy.com 

Gas Prices at Mapquest

 



 

Read more about: Economy, Gas Prices, Gasoline, News, Society, U.S.

7 Reader Comments (so far…) Sign In or Register to comment

Ms. Dee
Walking more and driving less, I feel like I’ve contributed to this downward trend. I can now proudly say that I can make a single tank of gas last all month. And I’ve pretty much made up my mind not to even think about a new car until they’ve developed a carbon-free model. I have great faith in American ingenuity. And with a President who won’t skew the science on climate change, I’m confident we’ll start getting cleaner and cleaner transportation options. We’ve just gotta hold the fort a few more weeks!
By Ms. Dee on 11/21/2008 8:22 am
Ann Marie Rose
I got news for you. Not everywhere is below $2! I live in a suburb of Buffalo, New York and we’re still paying $2.54 a gallon! And with the snow and bitterly cold temps we’re having already this winter, no one is walking anywhere!!
By Ann Marie Rose on 11/21/2008 9:20 am
f p
Ah the poor Saudis: how will they survive this unfortunate depletion of the gazillions of bucks/euros.etc?
By f p on 11/21/2008 9:23 am
Sandbee (FB) 54
It’s been below $2 for a while here. Paid $1.69 last time I filled up. But I wish I could walk more places, Houston is just too spread out for that. Do my best to combine trips so that I use less gas that way. Sure is nice to fill-er-up for under $25.
By Sandbee (FB) 54 on 11/21/2008 9:36 am
Grande Camper
Americans need to build up more alternative transportation. Not everyone is going to be able to walk or bike around. And I’m not sure when we will start making better, smaller, more efficient cars/trucks.
By Grande Camper on 11/21/2008 10:29 am
C Hardy
Gas prices in my little town is $1.69, YIPPIE…Yes if I tried to bike to work with a 2 1/2 year old, I would have to leave my house at 3am and be there by 7am…if that is even allowing myself enough time. Not everyone has the means to walk or bus. I have a nice gas economy car, I keep my tires inflated as I should and my car tuned up as much as possible. I am so thrilled that filling up my gas tank now takes less than $30 for 16 gallons! I am sure the Saudi’s arent hurting considering Wall Street is no longer guessing on the prices of crude oil and jacking our prices up. Shame, Shame, Shame on them, YIPPIE FOR US!
By C Hardy on 11/21/2008 10:48 am
John G
Good, now everybody can drive those BIG SUVs again… and we don’t have to bail out Detroit. What’s that? Congress will give them billions anyway? You betcha!!!
By John G on 11/21/2008 11:09 am