Are Gas Prices Really Dropping?

You’ve heard the rumors. Gas prices appear to be on the way down. It’s hard to come to that conclusion when you’re still paying more than $3.50 per gallon and fondly remembering all those misspent $1.50 gallons of your youth.

But it’s true. Gas prices are indeed heading downward ever so slowly. The buck-fifty days are gone forever unless you have a VW that can run on vegetable oil. But CNN recently reported that a survey of credit card use at pumps around the nation revealed an 8 day slide in gas prices. The current average is $3.65. New Jersey had the cheapest prices at $3.43.

The easing of pain at the pump is mainly because crude oil prices have dropped significantly over the past month. Now analysts are talking about when they will hit $100 per barrel instead of when they will rise above $150. The reason for the drop? Worries about a lack of demand and the relatively calm hurricane season. So if you are looking to hit the road this fall, you might be spared from the $4 per gallon price tag.