Gas Prices Could Hit $1 a Gallon

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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.

  • Jimmy the Dhimmi

    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?

  • Dennis

    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.

  • fannity

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

    in any case nice job and nice site..