Survey: Gas prices drop 18 cents in 2 weeks

[Omaha Steve]

Source: AP-Excite

CAMARILLO, Calif. (AP) — A national survey of gas prices reports that the average cost of U.S. regular grade gas dropped 18 cents per gallon in the last two weeks.

Industry analyst Trilby Lundberg said Sunday that the average for regular grade gas is $3.08 per gallon, while midgrade averages $3.31 and premium $3.47. Retail diesel averages $3.67.

Lundberg said the price has dropped 65 cents since its peak in May and is 29 cents below what it was last year.

FULL short story at link.


Read more: http://apnews.excite.com/article/20141026/us-gas-prices-3b713f3438.html

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Omaha bucked the trend. Metro Omaha up a dime in the last week. Avg $3.06-$3.12 around here today.

[Atman]

1. Dropped 40 cents here in CT.

Pretty weird.

[eggplant]

2. Hovering around $3.35 in upstate NY.

I'd love to see it below three bucks.

[George II]

7. In central CT it's dropped as much as 0.70 since the beginning of the month.

[tnlurker]

3. They will go up again.

After the election.

[Travis_0004]

4. Gas prices are set on a global level.

Also, what is the motivation for lowering prices before the election. If anything they would want gas prices higher to make Obama look bad and have more republicans elected who tend to be more favorable to big oil.

[Historic NY]

5. Obama's fault!

[rocktivity]

6. TRANSLATION: It's nearly Election Day.

$2.80 last time I looked (near Newark NJ)


rocktivity

[elias49]

8. I paid $3.11 in NH just today. nt

[Kablooie]

9. Oil companies are trying to give Republicans a boost before the election.

[Igel]

11. That's just strange.

When * was in office, it was assumed lower gas prices = boost for president and majority party, short-term boost to the economy and personal spending power.

Now that Obama's in office, it's assumed lower gas prices = boost for opposition. Because we always know that when things get better, it's assumed the minority power gets the credit.

The only thing constant in that is the assumption that lower gas prices are a rigged game to help our political enemies, no matter what else is equal or changes.

[NaturalHigh]

10. It came back up 10 cents in my area.

[Lil Missy]

12. It went up 10 cents here, just across the river from Omaha. n/t

[WhiteTara]

13. We're at $2.79 right now.

I don't really understand why, could be political (isn't everything?)

[Throd]

14. Thank you President Obama!

I'm not sure if he has anything to do with the price going down, but a lot of people blame him when it goes up.

[Xolodno]

15. Energy/Oil war...

...In the past a Saudi Prince could just sneeze and the price would jump.

OPEC recently stated they would keep production at current levels. With tar sands, TPL, other oil exporters, other forms of energy etc. cheap oil makes makes it harder for non-OPEC nations to compete...and forces them to abandon plans of developing other oil deposits, other energy deposits, etc. It also makes it harder for "green energy" to compete.

Question is, how long can OPEC keep this up. They need to do this long enough that the infrastructure in developing other energy areas are abandoned (initial costs of start up can be high). Once that is done then they can slowly ratchet up the price over time to cover their losses...but not allow the price to get so high that alternatives to them become attractive.

[yellowcanine]

16. This is BAD news because Exxon et al will not make enough money and we will have a recession!

[yellowcanine]

17. This is GOOD news because people will have more money to spend on Christmas!

I am so confused.

[left-of-center2012]

18. I seem to recall ...

Didn't the GOP warn we'd have $10 a gallon gasoline under Obama?

[SteveG]

19. In DE it's droped from $3.40 over Labor Day

to between $2.84 -$2.89 today.