Gas Prices Still Falling
July 19, 2009 by Mark Ellis
Filed under Business
If this trend continues until Tuesday, it will mark a month since gas prices began falling on June 21. According to AAA Auto Club South, gas prices have fallen every day since June 21, with the national average standing somewhere around $2.46 per gallon. Compared to this time last year, when the national average quickly approached $5.00 per gallon, gas has become relatively affordable.
The biggest culprit concerning falling gas prices is a lack of demand. Even though we are in the middle of summer, which is peak driving season, demand has only risen about 0.6 percent in the past month. The U.S. Department of Energy has confirmed that gas prices will most likely continue to fall given the current situation.
AAA Auto Club South’s public relations director has also pointed to Wall Street to explain gasoline prices. Analysts are unclear whether the economy or the value of the dollar will have any effect on the price of gasoline, leaving retail gasoline prices to decline at their slow but steady rate.
Image: Flickr
