Gas Prices Could Hit $1 a Gallon

By Alan Stewart Carl | Related entries in Economy, Gas

null

While recent economic news has been grim, we can at least take a little solace that gas prices have plummeted. Currently, we’re more likely to see $1 a gallon gas than $4 a gallon gas in the immediate future.

Since the price of gas peeked last July, prices have dropped 72% with a 25% drop in just the last week. And there’s no indication that we’ve hit the bottom. January gasoline futures are currently at 90 cents. If you’d claimed last summer that, by Christmas, we’d be talking about gas priced by the cent, you’d have been branded the biggest kind of fool.

Unfortunately, this precipitous decline in gas prices is being fueled by the large job losses. Fewer people working means less driving in specific and less economic activity in general. That’s hardly a welcome solution to high gas prices. For many Americans, less pain at the pump is not going to offset the pain of job loss.

But at least we don’t have to worry about a recession and high energy costs. That’s some comfort in these hard times.


This entry was posted on Saturday, December 6th, 2008 and is filed under Economy, Gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “Gas Prices Could Hit $1 a Gallon”

  1. Jimmy the Dhimmi Says:

    Guess who is directly responsible for the low pricing of gas? Speculators. Do we give them any credit for the drop in pirces while we scold them when gas prices are high?

  2. $1 a Gallon Gasoline in My Lifetime? | David Ortez Says:

    [...] Alan Stewart Carl adds, “Fewer people working means less driving in specific and less economic activity in general. That’s hardly a welcome solution to high gas prices. For many Americans, less pain at the pump is not going to offset the pain of job loss.” [...]

  3. Dennis Says:

    My hope is that electric cars will put an end to big oil, they’ve ripped the public off for years and spent billions of the profits from our patronage to lobby against us. Good bye, and good riddance you evil jerks.

  4. fannity Says:

    sorry to be a grammar nazi but its peaked not peeked..

    in any case nice job and nice site..

    -fannity

Leave a Reply


NOTE TO COMMENTERS:


You must ALWAYS fill in the two word CAPTCHA below to submit a comment. And if this is your first time commenting on Donklephant, it will be held in a moderation queue for approval. Please don't resubmit the same comment a couple times. We'll get around to moderating it soon enough.


Also, sometimes even if you've commented before, it may still get placed in a moderation queue and/or sent to the spam folder. If it's just in moderation queue, it'll be published, but it may be deleted if it lands in the spam folder. My apologies if this happens but there are some keywords that push it into the spam folder.


One last note, we will not tolerate comments that disparage people based on age, sex, handicap, race, color, sexual orientation, national origin or ancestry. We reserve the right to delete these comments and ban the people who make them from ever commenting here again.


Thanks for understanding and have a pleasurable commenting experience.


Related Posts: