Asheville News

Gas prices hit 5-year low

Jason Sandford December 28, 2008

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.

CNN has it. Gas on my street is $1.57 right now. The gas price thing has been one wild ride this year.

New York (CNNMoney.com) — Gas prices fell for the ninth consecutive day, according to a survey of credit card swipes at service stations across the nation released on Sunday.

The national average price dropped for its ninth consecutive day to $1.627 a gallon, down 0.3 cents from the previous day, according to the motorist group AAA.

The national average last hit close to the current price on February 5, 2004, when it averaged at $1.627.

Prices are down 60% from the record high of $4.114 a gallon touched on July 17.

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.

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4 Comments

eemilla December 29, 2008

Pure speculation, but it doesn’t make sense that Big Oil or OPEC would allow gas prices to stay this low or lower forever; I would guess this reprieve has more to do with Big Oil/OPEC’s fear that we all may continue conserving and look to other forms of energy and/or transit more than anything to do with the market.

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What's shaking? December 29, 2008

Ash:

If you watch the price of a barrel of oil and look at every time GM inches closer to a full bailout the price of a barrel of oil rises along with the news of positive comments on a bailout for GM.

You have to look at the fact that GM manufactures a lot of trucks all over the world that will increase the demand of oil the more they are manufactured. Speculators look at this for the "right now picture" . More trucks, more demand equals higher prices at the pump.

Also I predict that the oil companies which have put all exploration on hold because of the low price of oil will in turn create a since of demand to raise the price as stock piles dwindle.

More trucks burning oil plus less exploration for new oil equals higher demand for a scarce product thus raising the prices as quickly as they fell.

Just a thought.

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Ash December 28, 2008

really? back to $4? how do you know this?

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What's shaking? December 28, 2008

Don’t run out and buy a truck just yet. Gas will creep back up to $4 a gallon in the very near future.

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