Gas prices going down, down, down
By KVAL Web Staff and News ServicesHow low will gas go? MultimediaRelated ContentThe national average price for gasoline tumbled below $2 a gallon Friday, its lowest point in more than three years, yet the global economic contrast between then and now could not be more stark. Some gas stations in Eugene and Springfield boast sub-$2 prices, including discounts for clubs and other purchases. This is the first time since Feb. 28, 2005, that gas prices in Oregon have been this low. Crude has been in free-fall, shedding two-thirds of its value since July, and gasoline prices have followed. On March 9, 2005, the last time gasoline cost less than $2, the Dow Jones industrial average closed at 10,805.63. The Dow on Thursday slumped 445 points to 7,552.29, its lowest finish since March 2003. "At this point, all we can say with any degree of confidence is that crude oil ... will not trade below zero," wrote trader and analyst Stephen Schork in a tongue-in-cheek analysis of the market's swoon. "With the price of oil seemingly in a free-fall this month, it's impossible to know exactly how low the price of gasoline will eventually go," AAA spokesman Geoff Sundstrom said Friday. "Households can, however, reasonably anticipate that lower fuel prices will be the norm throughout the rest of this year and probably into early 2009." -- Compiled from KVAL News and The Associated Press Most Popular |
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February 9, 2012
- Coos Bay / North Bend, Oregon
