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Consumers Win as Falling Oil Prices Rattle Market, Analysts

Gas prices drop for 100 consecutive days: a new record.

by on Jan.07, 2015

President Barack Obama warned Americans to not get used to the low gas prices, but also said it would be all right if they wanted to buy a car with their windfall.

The stock market has hit the skids this week as investors scramble to figure out the good and bad of the oil prices that have dropped below $51 a barrel, which is driving gas prices to levels not seen in a decade.

The AAA’s Daily Fuel Gauge reports that the price of gasoline across the U.S. has now fallen for more than 100 consecutive days, the longest streak on record, and the average price of gasoline around the nation has dropped below $2.20 per gallon or by more than 7 cents per gallon in the past week.

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In many metropolitan areas, however, the price of gasoline has now fallen well below $2 per gallon with sign indicating prices have dropped to $1.70 per gallon. (more…)

It’s Driving Season. Why are Gas Prices Tumbling?

After spring run-up, U.S. motorists are catching an unexpected break at the pump.

by on May.30, 2012

Fuel prices have tumbled 27 cents a gallon since their early April peak and the trend is downward.

It wasn’t all that long ago that American motorists were being greeted with shrill headlines forecasting $4, even $5-a-gallon gas by summer.

It certainly seemed plausible after the rapid run-up during late winter and early spring, prices at the pump coming within pennies of the all-time record set back in July 2008.  But a funny thing happened just as the traditional driving season approached: fuel prices began to tumble and the downward trend may well continue through the summer.

Over the Memorial Day holiday various tracking services showed that fuel prices dipped to around $3.65 a gallon, about 27 cents lower than their national peak in early April.

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“Had you asked me back in January if the national average would have been that low on Memorial Day, I likely would have chuckled,” said Patrick DeHaan, a senior analyst with  Looking forward, he told, “prices could go either way,” depending upon a variety of factors, though for now, the trend appears to be downward.

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Oil Plunges – Have Gas Prices Peaked?

Petro traders see barrel dip below $100.

by on May.06, 2011

Has the run-up in oil prices peaked?

Maybe $5 gas isn’t so inevitable, after all – at least not for now.

Oil prices have taken their sharpest skid, this week, since the price plunge of late 2008, leading some analysts to predict that pump prices are also heading down – perhaps to $3.50 or lower – in the weeks ahead.

The unanticipated slide, which saw a barrel of crude trading for less than $100 on Thursday, follows reports that the nation’s economic situation has worsened.  Economists were wary that if oil kept climbing the U.S. might find itself slipping back into recession.

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The decline comes as President Barack Obama has stepped into the picture, asking his administration to look into potential market manipulation. During a visit to an Indianapolis hybrid transmission plant, today, the president is expected to discuss ways to further bring down prices at the pump – which had just nudged the $4.00 a gallon mark, nationally, before the petro slide.


Obama to Outline Plans for Dealing With Oil Prices at Indy Parts Plant

Allison Transmission plant produces hybrid systems for buses and truck.

by on May.05, 2011

Pres. Obama during a visit to the Chevy Volt plant.

President Barack Obama is expected to address the issue of rising oil prices, on Friday, during a visit to a parts plant in Indianapolis that produces fuel-saving hybrid systems for buses and trucks.

The president is hoping to maintain the momentum offered by the weekend take-down of terrorist leader Osama bin Laden as he tackles one of the toughest issues facing the nation today.  With job growth faltering, some analysts believe near-record fuel prices are threatening to push the U.S. back into recession.

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Obama last week announced his goal of increasing domestic oil and exploration and production, while making automobiles and trucks more fuel-efficient and encouraging the switch to electric and other forms of alternative propulsion.

But the steady increase in fuel prices, now nearing $4 a gallon nationwide – and $5 in a few key markets, like Southern California – is becoming a short-term political liability.  At the current rate, oil industry analysts say, a gallon of regular could soon top the July 2008 all-time peak of $4.11.  And some are forecasting the figure may hit $5 before leveling off.