U.S. Gas Prices Continue To Fall

First time accepted submitter nmpost writes "Earlier this year, as gas prices hit record highs in the winter and spring for that time of year, experts warned we were headed for all time records this summer. Something strange happened before every motorists recurring nightmare happened: gas prices actually started dropping. In fact, prices have fallen over $.50 since they peaked in the spring. Experts have now flipped their projections, and believe prices will continue to tumble through the fall."

Comments

Re:Is this pump price?

[ToadProphet]

crude is at US$20/barrel

It's actually at $80USD a barrel.

Re:California Gas Prices

[Alex Zepeda]

Considering that the total tax for on the road gasoline in California is less than fifty cents a gallon, you might want to check your numbers. That's combined state and federal excise taxes as well as a variety of other fees added by the state.

http://taxfoundation.org/article/state-gasoline-tax-rates-january-1-2012

Give credit where credit is due

[rsilvergun]

Obama put in place several regulations to control oil speculation. During the Bush administration the laws governing commodities trading where changed (laws, not regulations) so that you no longer have to take delivery of a commodity to buy it. Before that, if you wanted 40,000 barrels you had to have someplace to store them. They did it for food too, which is why the cost of food went up 40% and there were food riots in Mexico...

Obama pushed through several regulation to control what they could do (sadly, he did not restore the laws about commodity trading). The is why you're paying less at the pump. He also has used the threat of flooding the market from the national reserves to keep the speculators in check. He did these things well over a year ago, but it takes that long for the savings to make it through the pipeline.