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Charlie

I've noticed recently that gas prices are much lower than they had been. What happened?

It seems to me that it's all over the news when gas prices go higher and higher. But when they come down, I usually don't hear anything.I just passed a gas station this morning and the price of regular unleaded was something like $3.45 a gallon. And here in northern CA it had gone up to something like $4.75.What has prompted the decrease in price?
Brett:

I noticed the exact same thing coming back from the airport last night.
There are a few different reasons I can come up with.
1. The elections are near and someone is hoping the low prices will benefit their party.
2. Prices should not have been that high (artificially inflated) in the first place and are now stabalizing because no one has the money to spend on gas with the slowing economy.
3. No travel season right now so no demand.
4. Demand is lower because people are actually being more efficient with there fuel use.
5. Oil companies are trying to create a demand again with lower prices, and will raise them up again as soon as the holidays are here.
6. Its almost christmas so why not share some cheap gas prices (which is highly unlikely but I thought I would throw it in)
there is more but I have to remember them.... I will add them as I remember.
I have been listening and reading all over for an explanation, but there is no single answer to this price drop.

Ron-QnA-MVP:

C'mon over! $2.77 here. Not sure of the politics of it all, but OPEC has moved a meeeting scheduled for next month up to next week, so expect a littel bit of burp up again.
In the meantime, fill it up and enjoy!

?mom?:

the fall of the price of a barrel of oil seems to go along with the price of gas... its about 3.35 down here along the coast...

Literally Speaking ™:

It was $ 2.69 here the other day. The price fluctuates with a few factors, namely the cost of a barrel of oil and supply/demand. Also the fact that many of the refineries that got zapped during the past few hurricanes have begun to come back online.

Brett:

Hi LS
I was thinking the same thing about the refineries, but prices were above this point before the hurricanes so I wasn't sure if that was an explanation.

Literally Speaking ™:

In my area S.E. La. the prices are almost back to pre Katrina levels. they lost a lot of oil drilling platforms as well that are now functioning. Refineries and supply/demand is the main reason.

Literally Speaking ™:

Speculators on wall street would be another cause of inflated prices.

Rdemoville:

To get people to go to the POLL BOOTH to vote. After the election is over the price of GAS will be back to over $4.00 a gallon.
Stupid Politics....

SovieTAviator:

consumption is down stocks are down there you go !!

John P:

It has not dropped here. Wish it would.

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