Tuesday, October 14, 2008

Gas the lowest its been in almost a year!

Gas fell below $3 for the first time in almost a year yesterday all over the state of Maryland.

http://www.baltimoresun.com/news/local/bal-md.gas14oct14,0,1533743.story (full article)

Bel Air, Maryland is one of the cities seeing the most dramatic decrease in gas prices recently. Prices fell 23 cents just last week and are continuing to drop each day bringing the state average to $3.20 as of earlier today. This decrease seems very drastic as gas prices peaked in the state of Maryland on June 17th at a price of $4.05 for regular grade gasoline.
Crude oil prices are the main component and reason for this rapid decrease in gasoline prices nationwide. On friday, the price of oil fell to its lowest in awhile to $78 a barrel. Since then its increased a little, but not too much. Many motorists believe that the presidential election right around the corner has a lot to do with the decrease, and once the election is over in November, gas prices will be on the rise again.
I, myself visited the states cheapest gas station over the weekend, not knowing that it in fact was the cheapest. According to MarylandGasPrices.com the cheapest gas stations are located in the northeastern parts of the state in the Cecil County area, right before you enter Delaware. On Saturday, I paid a cheap $2.69 for a gallon of regular gasoline. Who would have thought that the day would come when we actually thought this was a reasonable price for gas? I remember when there was commotion over gas reaching above a dollar!
You can see what other people think about this sudden decrease in gas prices and by the newspaper article in general by going to: