Gas Prices Post Biggest Drop in Four Years — Dollars and Sense
Hurricane Sandy may have wreaked havoc on the Eastern seaboard, but its aftereffects are providing drivers all over the country with a bit of relief at the pump.
Hurricane Sandy may have wreaked havoc on the Eastern seaboard, but its aftereffects are providing drivers all over the country with a bit of relief at the pump.
Gas prices have taken a wild ride this year — first we were told to expect record-breaking fuel costs, and then analysts backed down from that prediction.
Since then, prices have see-sawed back and forth, and now experts expect them to drop again.
Just a few months ago, analysts were worried gas prices would soar this summer, possibly topping $6 a gallon. But now that the warmer months are upon us, there’s been an abrupt about-face.
In fact, fuel prices are now falling so steadily that many experts predict that by this fall, a gallon of gas will be under $3.
While public transportation was the primary way Americans got around in the 1940s, the boom in car ownership eventually meant fewer people on subways and buses.
But thanks to high gas prices and an improving economy, that seems to be changing.
Turmoil in the Middle East is nothing new. Gas prices going up is nothing new. What is new is the possibility that we could be looking at prices at the pump lurking in the neighborhood of $5 a gallon by the summer. And that’s painful.
We already know gas prices are climbing precipitously high, but you don’t usually see them change right before your very eyes. For one news reporter, though, that’s exactly what happened.