Gas Prices Fall Despite Crude Oil Price Hikes
Gas prices are not only dropping right now, they are dropping at a considerable rate.
The Daily Fuel Gauge Report indicates that the national average for fuel is currently at $3.26 per gallon, which is down from $3.29 last week.
Part of what makes the current trend of falling gas prices so considerable is the nature of how long it has been falling in recent weeks.
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Gasoline prices fell from $4.82 to $3.88 between Nov. 4 and Nov. 18, according to a Lundberg Survey report.
Gas Prices Drop Nine Cents in Two WeeksCNN reports that the current city with the lowest gas rate is Albuquerque, New Mexico, at $2.84 a gallon. The highest average is in San Francisco, Calif. at $3.67 a gallon.
What’s especially interesting about the continued drop in gas prices is the stark contrast of how crude oil prices are on the rise.
Crude oil prices rose by 14 percent over the last year, while prices at the pump continue to fall, according to Bloomberg Businessweek.
It is suspected that the rise in crude oil may be due to some economic apprehensions across the globe.
Bloomberg Businessweek attributed the crude oil increase on Middle Eastern tensions that may threaten supply, as well as speculation that European economic growth may be under threat as well.
In spite of the recent trend of falling gas prices it is expected that it will not continue to fall for much longer.
The Lundberg Survey reports that retailers “will not be able to sustain losses” on such a continued basis.
