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GasBuddy News Article

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Gas prices drop as demand tapers off

NBCNews.com -- The average price for a gallon of regular gasoline in the United States fell more than 8 cents during the past two weeks, weighed down by the drop in crude oil prices and low seasonal demand, according to a widely followed survey released on Sunday.
Gasoline prices averaged $3.7529 per gallon on Oct. 19, down from $3.8375 on Oct. 5, Trilby Lundberg, editor of the Lundberg Survey, said. This came after a month-long period when gas prices averaged around the $3.83 per gallon price, she added.
U.S. crude futures have dropped from September highs above $100 per barrel, contributing to the slide in gasoline prices, and last Friday, they ended at $90.14 per barrel, down more than 2 percent.
Lundberg said further declines in retail gas prices are expected if...


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Submitted Oct 22, 2012 By: MopedTime
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REPLIES (newest first) Post a Reply
sjf238
Champion Author Philadelphia

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Message Posted: Oct 23, 2012 2:42:06 PM

Good.
remay
Champion Author Houston

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Message Posted: Oct 23, 2012 12:18:10 PM

"... weighed down by the drop in crude oil prices and low seasonal demand, according to a widely followed survey released on Sunday."

Oh, really? I thought it was due to refineries starting up after repairs/maintenance. Whatever!
ChipperFL
Rookie Author Jacksonville

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Message Posted: Oct 23, 2012 8:29:11 AM

I for one will not get too excited until the prices drop and stay down for a lengthy period of time. This up and down roller coaster has got to end.
bicycle1966
All-Star Author Akron

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Message Posted: Oct 23, 2012 6:46:15 AM

in 2008 prices were as high or higher than they are now -- Before Obama.
ClarkSC
Champion Author South Carolina

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Message Posted: Oct 23, 2012 5:54:14 AM

Big deal. I will get excited when prices fall $1.26. Before Obama.
Nicoalbum
Champion Author Ottawa

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Message Posted: Oct 22, 2012 4:27:56 PM

Lower demand means only weaker economy. Also lower oil prices do not necessarily transform into lower gas prices.
sljbc475
Champion Author Tucson

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Message Posted: Oct 22, 2012 2:45:37 PM

Demand should drop-off until the holiday season.
fedupMN
Champion Author Twin Cities

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Message Posted: Oct 22, 2012 2:40:27 PM

I guess we can thank Obama for this considering when gas is on the rise he gets the blame.
INBwana
Champion Author Indiana

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Message Posted: Oct 22, 2012 1:39:51 PM


That all depends on where you live. Demand could not be the only factor. Wait, the holidays are coming, gas will raise by quarters and we will be right back to where we were a month ago.
crep1291
Champion Author Ottawa

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Message Posted: Oct 22, 2012 1:16:17 PM

Yeah demand certainly has something to do with it... Though I doubt there is any such thing as a driving season anymore. There is still a refinery maintenance/problems/explosions/hurricane season though and that's almost over.
mageetp
Champion Author British Columbia

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Message Posted: Oct 22, 2012 1:06:05 PM

More spin.
PithyOpiner
Champion Author Stockton

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Message Posted: Oct 22, 2012 1:05:53 PM

"Gasoline prices averaged $3.7529 per gallon on Oct. 19...." Man, that was only 4 days ago. And, prices here in California (the highest in the nation according to the GasBuddy Temperature Map) are much lower than that! I'm seeing $3.99 at Costco here in Northern California. Lundberg should get their info from GasBuddy so they can be up-to-date.
USNDVR
Champion Author Jacksonville

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Message Posted: Oct 22, 2012 1:05:22 PM

@ ultm8opie posts: "unfortunately, supply and demand have no relation to the price of gas".


Laughable post. How could supply and demand not have any relation to gas prices? Even if you attribute everything to speculators, they still speculate based on threats to supply and to fluctuations in demand.
NavyEOD
Champion Author Los Angeles

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Message Posted: Oct 22, 2012 12:52:05 PM

Yea cause prices are too high.
camaro_man
Champion Author Kitchener-Waterloo

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Message Posted: Oct 22, 2012 12:51:36 PM

sounds good..
calripken_8
Champion Author Virginia

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Message Posted: Oct 22, 2012 12:51:16 PM

Looks like the demand for the buffoon in the white house is tapering off too.
ultm8opie
Champion Author Twin Cities

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Message Posted: Oct 22, 2012 12:49:36 PM

unfortunately, supply and demand have no relation to the price of gas.
Ticoman54
Champion Author Miami

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Message Posted: Oct 22, 2012 12:49:22 PM

Keep dropping!
johnnyg1200
Champion Author St. Louis

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Message Posted: Oct 22, 2012 12:48:54 PM

3.19 down from 3.69 last weel
a14morfun
Champion Author Ontario

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Message Posted: Oct 22, 2012 12:47:27 PM

ok
doctorindyj
Champion Author Santa Fe

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Message Posted: Oct 22, 2012 12:47:07 PM

Demand tapers off? It tapered off long ago.
CORKYWC
Champion Author Chicago

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Message Posted: Oct 22, 2012 12:46:40 PM

Prices have gone down here in Chit-town. Question is for how long?
slvrdo_dsprdo
Champion Author Nashville

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Message Posted: Oct 22, 2012 12:46:39 PM

It's still a lot higher than it should be after Obama closed off the OCS and most federal lands to drilling.
KarateDude
Champion Author Cincinnati

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Message Posted: Oct 22, 2012 12:44:46 PM

It has nothing to do with demand...
Betsy3266
All-Star Author Atlanta

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Message Posted: Oct 22, 2012 12:44:14 PM

Supply and demand mean nothing in the world of gas prices.
mnorthwood13
Champion Author Michigan

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Message Posted: Oct 22, 2012 12:43:14 PM

and supply volatility...
Lizzylou
Champion Author Stockton

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Message Posted: Oct 22, 2012 12:42:55 PM

NOT HERE IN CALIFORNIA!!!
Bonito
Champion Author Dayton

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Message Posted: Oct 22, 2012 12:41:27 PM

This is BULL! The rich are selling their stock and taking huge gouging profits.
robaloma
Champion Author Houston

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Message Posted: Oct 22, 2012 12:41:11 PM

ok
07skydriver
Champion Author Ohio

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Message Posted: Oct 22, 2012 12:39:34 PM

Down to $2.99 here and expected to drop more.
dabbadu
Champion Author New York

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Message Posted: Oct 22, 2012 12:38:57 PM

Good ole supply & demand.
jjjleblanc
Champion Author Rochester

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Message Posted: Oct 22, 2012 12:37:53 PM

Was the demand ever there to cause it to rise in the first place?
kuma2000
Champion Author Honolulu

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Message Posted: Oct 22, 2012 12:37:46 PM

no such thing for us
dan30thz28
Champion Author New Jersey

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Message Posted: Oct 22, 2012 12:37:07 PM

Good news, but only for a short while.
smoketown
Champion Author Cincinnati

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Message Posted: Oct 22, 2012 12:36:38 PM

Supply and demand is B.S.
stueyAZ
Sophomore Author Phoenix

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Message Posted: Oct 22, 2012 12:35:19 PM

tru dat
grammamNV
Champion Author Nevada

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Message Posted: Oct 22, 2012 12:31:41 PM

needs to keep going down - A LOT MORE!!!
Sneakers55
Champion Author Houston

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Message Posted: Oct 22, 2012 12:27:39 PM

On Oct 22, 2012 11:17:09 AM, shiuanshiuan wrote:

>There's no decline in Hawaii.

Everything is expensive in Hawaii with the exception of pineapple. Everything but pineapple has to be hauled there on a slow boat. And to add insult to injury, most of the electricity in Hawaii is made by burning hauled-in oil.
t1mberwolff
Sophomore Author Eugene

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Message Posted: Oct 22, 2012 12:25:14 PM

Hopefully the market can find a balance over the next season...
REVLAW
Champion Author San Antonio

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Message Posted: Oct 22, 2012 12:25:08 PM

We see the drop (very slow and small) here, but my daughter paid $3.75 per gallon in Kingman, AZ yesterday and in the same "ballpark" in Phoenix. And, forget California. Being liberal is not a valid excuse to "rape the populace". Ridiculous.
bridgerunner
Champion Author Virginia

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Message Posted: Oct 22, 2012 12:23:08 PM

Going down here....slowly.
bkplenge
Champion Author Tallahassee

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Message Posted: Oct 22, 2012 12:22:48 PM

Supply and demand have not mattered for several years, so why are they mattering now?
OldBullhead
Champion Author New Mexico

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Message Posted: Oct 22, 2012 12:21:58 PM

In our southern NM city, we saw <$3.00 yesterday at a couple of stations!
07skydriver
Champion Author Ohio

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Message Posted: Oct 22, 2012 12:20:06 PM

Just stay home.
majorben
Champion Author New York

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Message Posted: Oct 22, 2012 12:19:10 PM

demand has been low for quite awhile now... what else changed??? blend to winter gas???
bcressy
Sophomore Author Boston

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Message Posted: Oct 22, 2012 12:18:39 PM

Less driving = less demand = lower price. The less we all drive the less we could also pay!
73amx
Champion Author Allentown

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Message Posted: Oct 22, 2012 12:17:18 PM

saw some decline in NE Pa. but seems to have slowed
shiuanshiuan
Rookie Author Honolulu

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Message Posted: Oct 22, 2012 12:17:09 PM

There's no decline in Hawaii..
Sneakers55
Champion Author Houston

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Message Posted: Oct 22, 2012 12:17:00 PM

On Oct 22, 2012 11:02:16 AM, LoadToad wrote:

>Some gas prices are dropping but diesel is holding
>steady. Now California uses BOUTIQUE gas so it wont
>drop by much.

I don't understand why the Californians don't vote with their feet and move to somewhere where the Earth remains steady, the government makes sense, and the cost of living is low.

When the only growth industry in California is movers taking people out-of-state, maybe the tone-deaf souls in Sacramento will figure out their policies are downright toxic to making California a decent place to work and live.


[Edited by: Sneakers55 at 10/22/2012 12:17:43 PM EST]
LostToo
Champion Author Illinois

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Message Posted: Oct 22, 2012 12:16:42 PM

I don't know about all of that but the prices here are going down a lot.
Rednix
Champion Author Miami

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Message Posted: Oct 22, 2012 12:16:30 PM

good.
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