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Money | 10/13/2008 7:36 am

Gas Prices At Lowest Point in Months

iStock

As the price of crude oil declines on world markets, Americans are finally finding some relief at the gas pump. 

After hitting an all-time high of $147.00 a barrel in July, the price of crude has plunged to $82.00, and the benefit of this price drop is apparent at gas stations.

Trilby Lundberg, publisher of the nationwide Lundberg Survey of gasoline prices, told CNN that the average price of gas has experienced the largest decline in the history of the survey, and currently sits at $3.31 a gallon. 

Finding the stations with the lowest prices for gas in any zip code has been made much easier through the power of the Internet.  The two major gasoline price search engines are:

Gas Buddy.com 

Gas Prices at Mapquest

Read more about: financial crisis, Gas Prices, News

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

Tee Zee
I’ve been using gas buddy for months. Gas prices need to come down even lower before I consider using my car again. Thankfully, I’m walking more and waiting until I have several errands to do before taking the car.
By Tee Zee on 10/13/2008 9:42 am
Diana T
If the gas prices drop too low, I will get nervous about it because we will start relapsing into unlimited use of our cars. On the other hand, I would love to see lower prices on heating oil. The Federal Gov’t has funneled $68 mil into Kentucky for the least among us.
By Diana T on 10/13/2008 10:14 am
James the Game
Diana, the 70-cent plunge in gas prices this fall indicates the world economy is in a major downward spiral. So, it’s kind of a good news/bad news scenario with the pump prices.
By James the Game on 10/13/2008 5:20 pm
Diana T
Well, James, Kitty o’Keefe started me thinking, and then Tom Friedman really convinced me: If the oil prices get too low, we will forget what crisis we are having with oil consuming autos. I am starting to think that if our gas prices remain at an unaffordable price, it will force this country to finally start thinking about vehicles that don’t require foreign oil. Or oil from anywhere, for that matter. Next year, we are going to have theVolt, a car which runs on Lithium Battery. Europe also has cars that are exciting with alternative fuels. So…might as well start now, becoming innovative and thinking about other ways to get around.
By Diana T on 10/13/2008 9:02 pm
James the Game
General Motors announced Monday it’s shutting down a major stamping plant in Grand Rapids. This is a massive factory that’s been around for many decades. Automotive forecasters are predicting at least one, and possibly, all of the Big-3 American automakers will be out of business or in bankruptcy within one year or less. I know we’ve moved into a service and high-tech economy, but this nation cannot afford to allow its manufacturing base to completely melt away. If the government can bail out the likes of AIG, greedy investment banks and a slew of corrupt politicians, surely it can afford to invest in our automakers to build high-tech hybrid, plug-in vehicles and other forms of alternative energy. The difference being that each of us is sure to eventually see the long-term benefits of such investments in our future, whereas bailing out Wall Street may be throwing good money after bad. I don’t have the solutions, and I’m no financial guru. But I’m confident that aggressive investment into research and technogological developments, such as automotive, life sciences, research hospitals and space exploration, will render enormous benefits for future generations.
By James the Game on 10/14/2008 12:11 am
Sandbee (FB) 54
Everything else went up in price because of the price of gas, when those costs start coming down, then it will begin to make a difference. The price of gas here is $2.89 and we think it sounds low, it wasn’t that long ago that would have been considered high, it’s amazing what you get used to in a relatively short period of time.
By Sandbee (FB) 54 on 10/13/2008 11:47 am
Lucinda Herbert
Sandbee, Where do you live? That’s amazing! I was thrilled to have found a station where I could buy gas yesterday at a full dollar more than what you are quoting! It’s generally much higher than that around here!
By Lucinda Herbert on 10/13/2008 9:27 pm
Kryssi K
It’s even cheaper where I am - $2.49 in Tulsa, OK.
By Kryssi K on 10/14/2008 12:01 am
James the Game
Yeah, my sister, Kim, was down in Florida the other day, and was blown away how low prices are in the South. It’s almost always much higher in the Upper Midwest. Are you still experiencing long lines at the gas stations in the South, post-Hurricane Ike?
By James the Game on 10/14/2008 12:14 am
Kryssi K
We didn’t get much post-hurricane commotion up here this time. (I’m not even sure if Oklahoma is technically considered part of the South; sometimes we’re Midwest, sometimes we’re “Indian Territory” - depends on who you ask.) I don’t think I’ve EVER seen long lines at the pumps - if there’s anything we have an overabundance of here, it’s churches and gas stations. In fact, for a LONG time we were the “Oil Capital of the World”. The one good thing about this place is the LOW cost of living. I think I’d probably stick around longer if the ignorant fundamentalist redneck mentalities didn’t affect me so…
By Kryssi K on 10/14/2008 1:12 am
James the Game
Oklahoma’s generally considered part of the Southwest. Michigan is Upper Midwest. There have been national reports of long lines at gas pumps across some areas of the South following Hurricane Ike, such as Georgia.
By James the Game on 10/14/2008 1:24 am
Lucinda Herbert
Kryssi K, Appreciate it while you can. As a transplanted southerner, I would not identify Oklahoma as the south — more mid-western — I like the reference to Indian territory too because it really isn’t culturally very mid-western — sort of an amalgamation of many influences. I was in Tulsa a while back because an old friend returned home to Diamond, MO to get married — and we all flew into Tulsa. You have interesting architecture there from Art Deco to the futuristic Oral Roberts University; and Tulsa also has the ballet and opera —- can’t be all rednecks.
By Lucinda Herbert on 10/14/2008 8:23 am
Sandbee (FB) 54
I’m in Houston, TX, as you saw with the other answers, it does seem the south gets some of the lower prices, but with oil going up again yesterday I’m sure we’ll see the price at the pump following quickly. We did have lines for a while after Hurricane Ike since we were the area hit but alot of that was people needing gas no only for their cars but generators since they had no electricity. From living in different parts of the country, I think a lot of what makes the gas higher in some areas than others are the state & local taxes, even here there is a 10 15 cent difference if you buy in or out of the city.
By Sandbee (FB) 54 on 10/14/2008 5:47 am
Elizabeth Bennett
With gas prices too high to drive, I have been walking more and therefore sleeping better and getting better shape to my legs. I am not sure that I will return to driving so much even if gas prices plunge to $2 a gallon! But I have noticed that every time there is a presidential election, gas prices go down. It does not happen every October, but always during leap years, presidential election years. You have to wonder if there isn’t a little more to it than supply and demand. Maybe Supply, Demand, K-Street and the oil barons. I think they have a grip on government unseen since the railroad tycoons ruled the country.
By Elizabeth Bennett on 10/13/2008 1:42 pm
mary lou s
elizabeth, i think you’re on to something. i also noticed election year specials on fall gasoline prices. if you can get a videotape of the documentary program now (the version from this weekend), notice the surprise at the los angeles area transit system map from 1926, when everything was easily accessible by transit. then, in the eaqrly 1940’s, a consortium of gm, firestone, standard oil and at least one other oil company bought up the area’s transit system and destroyed it.
By mary lou s on 10/13/2008 4:38 pm