Gas prices dropped another 18.3 cents in the last week to a new low of $1.89 a gallon for regular unleaded today, according to UCAN, the Utility Consumers' Action Network's not-for-profit gas project at fueltracker.com.
At this time, it looks as though prices will continue to drop for the short term, although a return to $3 a gallon gas by Spring of 2009 is likely.
According to UCAN, gas prices have not been this low since February 10, 2004, when gasoline cost $1.89 a gallon and oil cost $33 a barrel.
Yesterday, NYMEX oil closed at $49 a barrel. Meanwhile, the cost of a barrel of raw, unblended 84 octane gasoline on the LA Spot Market was about $46 a barrel.
For a brief overview of how refiners are losing money on every barrel they produce, click here. For more information, contact Michael Shames or Charles Langley.
I am not sure if we will
I am not sure if we will every see these prices again. I would love to see it again. We have to
wait until the demand is gone.
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Yes, but maybe that was the
Yes, but maybe that was the last time you saw gas price at such low level. Never mind... Business should have anticipate this. classifieds |job|walk in tub