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Gas price decline nears 40 cents

CNN Money -- NEW YORK (CNNMoney.com) -- Gasoline prices have fallen nearly 40 cents a gallon from their record highs after 34 straight days of declines, according to a daily survey released Wednesday.

The price of regular gasoline fell to $3.717 a gallon from $3.73 a day earlier, according to a survey of gas station credit card swipes from motorist group AAA and the Oil Price Information Service.

Gas prices have fallen more than 9% since hitting a high of $4.114 a gallon on July 16. The drop mirrors a 22% decline in crude price futures from their record high of $147.27 a barrel.

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Submitted Aug 20, 2008 By: JT

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Arktander Champion Author Illinois Posts:1,180 Points:679,435 Joined:Aug 2005	Message Posted: Aug 21, 2008 10:22:01 AM Ignore Arktander Report Abuse Everyone thinks it's some relief, but then they forget that it was even lower than this when it started it's run up.
AnObserver Champion Author New Jersey Posts:3,167 Points:1,185,655 Joined:Sep 2005	Message Posted: Aug 21, 2008 10:18:59 AM Ignore AnObserver Report Abuse Even more in NJ
bluebird1 Champion Author Toronto Posts:9,235 Points:1,859,035 Joined:May 2004	Message Posted: Aug 21, 2008 10:15:24 AM Ignore bluebird1 Report Abuse No where near that here...but hey its Canada.
superglidefxd Champion Author Michigan Posts:2,329 Points:456,650 Joined:Aug 2006	Message Posted: Aug 21, 2008 10:13:03 AM Ignore superglidefxd Report Abuse gas should be under $3, and they would still make huge profits at that price.
radicale All-Star Author Calgary Posts:971 Points:240,500 Joined:Aug 2006	Message Posted: Aug 21, 2008 10:12:47 AM Ignore radicale Report Abuse Still haven't seen it at the pump.
roydarecker Champion Author Minnesota Posts:4,640 Points:981,070 Joined:Sep 2006	Message Posted: Aug 21, 2008 10:11:59 AM Ignore roydarecker Report Abuse Let it drop another buck it would more money than investing it in oil.
SummitSkiBum Champion Author Denver Posts:1,190 Points:168,705 Joined:Sep 2006	Message Posted: Aug 21, 2008 10:11:56 AM Ignore SummitSkiBum Report Abuse It's headed right back up folks! Don't feel too warm and fuzzy just yet. This is to prepare us for $5 gas next summer!!! [Edited by: SummitSkiBum at 8/21/2008 10:12:12 AM EST]
spunky4443 Champion Author Washington Posts:2,856 Points:808,500 Joined:May 2005	Message Posted: Aug 21, 2008 10:11:20 AM Ignore spunky4443 Report Abuse Should never had gone up in the first place.
SeerLV Champion Author Las Vegas Posts:2,165 Points:455,085 Joined:Jun 2008	Message Posted: Aug 21, 2008 10:11:09 AM Ignore SeerLV Report Abuse Keep dropping!
Chazzer Champion Author Nevada Posts:9,828 Points:2,071,460 Joined:May 2002	Message Posted: Aug 21, 2008 10:10:34 AM Ignore Chazzer Report Abuse And the hits keep on coming!
garyKY Veteran Author Kentucky Posts:449 Points:46,915 Joined:Jun 2008	Message Posted: Aug 21, 2008 10:10:11 AM Ignore garyKY Report Abuse Just wait till russia attacks, boy ole boy 4 dollar a gallon will be cheap. i see 12.00 a gallon.
copperhead8 Champion Author Boston Posts:8,527 Points:1,566,890 Joined:Dec 2004	Message Posted: Aug 21, 2008 10:08:41 AM Ignore copperhead8 Report Abuse Let it keep dropping.
garyKY Veteran Author Kentucky Posts:449 Points:46,915 Joined:Jun 2008	Message Posted: Aug 21, 2008 10:08:08 AM Ignore garyKY Report Abuse That is all it takes, a firm ays up, and up it goes. 149.00 a barrel in a month.
ww2gas Champion Author Virginia Posts:2,299 Points:573,800 Joined:May 2007	Message Posted: Aug 21, 2008 10:06:30 AM Ignore ww2gas Report Abuse Oil is going up today, hopefully it will drop before the end of the day.
rtw777 Champion Author Florida Posts:2,937 Points:577,250 Joined:Jan 2008	Message Posted: Aug 21, 2008 10:04:59 AM Ignore rtw777 Report Abuse Some idiot from GoldmanSachs said oil will be $149 by the end of the year. Today, oil is up $3.50. This is a joke. A bad one.
cameronboi Rookie Author Austin Posts:26 Points:56,190 Joined:Apr 2008	Message Posted: Aug 21, 2008 10:04:53 AM Ignore cameronboi Report Abuse i'm afraid that gas will get reasonable enough again and people will start driving a little more frivously.....
theloanshark Rookie Author Indianapolis Posts:33 Points:30,915 Joined:Jul 2008	Message Posted: Aug 21, 2008 10:04:33 AM Ignore theloanshark Report Abuse buy today and save .20 cent a gallon
mrsports007 Champion Author Raleigh Posts:2,490 Points:374,710 Joined:Jun 2008	Message Posted: Aug 21, 2008 10:04:30 AM Ignore mrsports007 Report Abuse gas will never get back to $1.50. that would be great if it did but it won't. gas does need to come down to about $2.50. i did notice this morning that gas at costco was $2.79 in my area. i am shocked to see that especially being that gas everywhere else is between $3.48 and $3.60. so yes it is going in the right direction.
jrobbie Sophomore Author St. Louis Posts:221 Points:100,010 Joined:Jan 2008	Message Posted: Aug 21, 2008 10:01:19 AM Ignore jrobbie Report Abuse Oil on NYMEX is over $119 this morning. I'm thinkin a 10-20 cent increase in gasoline in the next couple days?
mfeldstein Champion Author Ottawa Posts:2,289 Points:771,005 Joined:Feb 2007	Message Posted: Aug 21, 2008 9:56:43 AM Ignore mfeldstein Report Abuse At least it's heading in the right direction.
tbybee All-Star Author Omaha Posts:670 Points:281,195 Joined:Apr 2008	Message Posted: Aug 21, 2008 9:54:06 AM Ignore tbybee Report Abuse There's still a long way to go.
LLIH225 Rookie Author Savannah Posts:87 Points:100,215 Joined:Aug 2008	Message Posted: Aug 21, 2008 9:53:58 AM Ignore LLIH225 Report Abuse I bet that it will go up again as soon as the weather changes.
Kana Veteran Author New York Posts:493 Points:156,695 Joined:Aug 2005	Message Posted: Aug 21, 2008 9:53:44 AM Ignore Kana Report Abuse so a 40 cent price drop puts prices at about what thay were back in May of this year. Still to high.
puzzledperson All-Star Author Pennsylvania Posts:564 Points:485,170 Joined:Apr 2008	Message Posted: Aug 21, 2008 9:52:55 AM Ignore puzzledperson Report Abuse It's about time it drops, but it has a long way to go.
sailormon Champion Author Michigan Posts:1,406 Points:363,875 Joined:Jul 2007	Message Posted: Aug 21, 2008 9:51:56 AM Ignore sailormon Report Abuse Heck, I'll settle for $2.49 per gallon right now!
PapaSmurf5 All-Star Author Atlanta Posts:509 Points:280,365 Joined:Sep 2005	Message Posted: Aug 21, 2008 9:48:56 AM Ignore PapaSmurf5 Report Abuse ... when it gets back under $1.50, I'll get excited!
Bruno44 Champion Author Texas Posts:1,963 Points:623,880 Joined:Sep 2007	Message Posted: Aug 21, 2008 9:48:38 AM Ignore Bruno44 Report Abuse Do you think the prices will unexpectedly jump up for Labor Day Weekend?
mattf373 All-Star Author Atlanta Posts:906 Points:186,650 Joined:Mar 2003	Message Posted: Aug 21, 2008 9:47:12 AM Ignore mattf373 Report Abuse I hear and read people say gas is falling to slow. Do you realize the price of crude doubled in a year but gas did not? Crude is only part of the cost of fule about 70% so its not going to be a 1:1 price increase or decrease. Be happy we are in a downward trend.
Gassie1 Champion Author Akron Posts:6,296 Points:915,340 Joined:Apr 2007	Message Posted: Aug 21, 2008 9:46:18 AM Ignore Gassie1 Report Abuse Saves me $6 per tank per week, so $24 in my pocket helps
Kthyme Champion Author Fort Worth Posts:4,699 Points:1,237,365 Joined:Apr 2006	Message Posted: Aug 21, 2008 9:44:47 AM Ignore Kthyme Report Abuse It only take about a week for gas to go up $0.75 to $1.00. Look how long it's taking for it to come down from $4.00. It's been declining about a month now. And look what we're still paying...That's not fast enough...Drill here...Drill now!!! ;)
Brockvillian Veteran Author Ontario Posts:437 Points:277,245 Joined:May 2007	Message Posted: Aug 21, 2008 9:44:12 AM Ignore Brockvillian Report Abuse They must be using some sort of Magic Bullet theory to calculate fuel prices.
techque Champion Author St. Louis Posts:2,458 Points:1,256,510 Joined:Apr 2005	Message Posted: Aug 21, 2008 9:43:44 AM Ignore techque Report Abuse BUT STILL A DOLLAR MORE THAN LAST YEAR AT THIS TIME SO DON'T GET TOO EXCITED, AND KEEP THAT GAS GUZZLING SUV PARKED.
rtw777 Champion Author Florida Posts:2,937 Points:577,250 Joined:Jan 2008	Message Posted: Aug 21, 2008 9:43:43 AM Ignore rtw777 Report Abuse It's over people. Conserve all you want, it doesn't help. Oil jumped more than $3 today for no good reason. Fill-up today.
acknot Champion Author Seattle Posts:1,487 Points:768,300 Joined:Sep 2003	Message Posted: Aug 21, 2008 9:42:41 AM Ignore acknot Report Abuse "Gas prices have fallen more than 9% since hitting a high of $4.114 a gallon on July 16. The drop mirrors a 22% decline in crude price futures from their record high of $147.27 a barrel" SOMETHING IS WRONG WITH THIS MIRROR!
Pede Champion Author New Jersey Posts:2,074 Points:273,800 Joined:Apr 2007	Message Posted: Aug 21, 2008 9:40:39 AM Ignore Pede Report Abuse if crude went up 9% gas would go up 22%
archetypical Champion Author St. Louis Posts:3,379 Points:574,825 Joined:May 2007	Message Posted: Aug 21, 2008 9:39:09 AM Ignore archetypical Report Abuse So crude drops 22% and gas only drops 9%? Remember when at first the crude price would go up and gas would also go up and the story was that one must follow the other? Remember when oil stabilized but gas continued to go up and the story was that prices hadn't increased in step with oil? Remember when oil would dip down and gas would stay high and the story was that demand was so high that there wasn't enough supply? Remember when demand dropped month over month and gasoline prices rose as refiners increased their profit margin because they wanted more of the wealth that big oil was building over this whole energy cost deal? Remember when demand continued its sharp decline and the refiners started talking about how they would have to cut production because there is just not enough demand for gasoline? It's all BS. Don't expect me to feel good because artificially inflated prices have dropped slightly.
dls_txxs_grl All-Star Author Dallas Posts:869 Points:59,850 Joined:May 2008	Message Posted: Aug 21, 2008 9:38:21 AM Ignore dls_txxs_grl Report Abuse OF COURSE IT IS ABOUT GREED!!!!!!!!!!!!!!!!
rod1965 Champion Author Portland Posts:1,741 Points:322,985 Joined:Jul 2007	Message Posted: Aug 21, 2008 9:36:43 AM Ignore rod1965 Report Abuse CNN needs to get the figures from cash sales also before reporting news like this.
KopterDoctor Veteran Author Alabama Posts:318 Points:54,045 Joined:May 2008	Message Posted: Aug 21, 2008 9:36:17 AM Ignore KopterDoctor Report Abuse Asynchronous price drops = public being ripped off at the pump.
Egaser Veteran Author Atlanta Posts:470 Points:367,310 Joined:Apr 2006	Message Posted: Aug 21, 2008 9:36:15 AM Ignore Egaser Report Abuse Still waiting the part of the roller coaster when you put your hands up and scream real loud.
Honda711 Rookie Author Columbus Posts:2 Points:1,590 Joined:Aug 2008	Message Posted: Aug 21, 2008 9:34:36 AM Ignore Honda711 Report Abuse I think its all about greed!
markmoore80 All-Star Author North Carolina Posts:907 Points:302,775 Joined:Apr 2004	Message Posted: Aug 21, 2008 9:34:02 AM Ignore markmoore80 Report Abuse Lets hope the decline keeps its currnet pace... got gas for 3.55 locally.
cardjcsk Champion Author Toronto Posts:1,852 Points:770,255 Joined:Feb 2007	Message Posted: Aug 21, 2008 9:31:18 AM Ignore cardjcsk Report Abuse Why did it go up at the pumps, greed?????????????
falconmb Champion Author Austin Posts:14,782 Points:612,320 Joined:Jul 2007	Message Posted: Aug 21, 2008 9:31:12 AM Ignore falconmb Report Abuse How about a $2 decline?
eaglev Champion Author Oklahoma City Posts:2,223 Points:577,890 Joined:Jul 2005	Message Posted: Aug 21, 2008 9:30:33 AM Ignore eaglev Report Abuse ave here last year was 2.36 now it is 3.30
brogan56 Champion Author Colorado Springs Posts:11,392 Points:1,884,545 Joined:Mar 2004	Message Posted: Aug 21, 2008 9:29:55 AM Ignore brogan56 Report Abuse Gasbuddy has a chart here look it up! ;)
AC-302 Champion Author Los Angeles Posts:12,279 Points:1,671,415 Joined:Aug 2004	Message Posted: Aug 21, 2008 9:28:33 AM Ignore AC-302 Report Abuse And may the price continue to fall another $2 worth...
GWayne All-Star Author Florida Posts:746 Points:279,440 Joined:Mar 2008	Message Posted: Aug 21, 2008 9:28:11 AM Ignore GWayne Report Abuse Somebody tell me how much gas went up over the past year and a half.....
hooky Champion Author Michigan Posts:12,254 Points:1,173,070 Joined:Sep 2005	Message Posted: Aug 21, 2008 9:27:56 AM Ignore hooky Report Abuse After another buck, the price drop will begin to be about right!
mrpc90 Champion Author Illinois Posts:1,719 Points:675,845 Joined:Dec 2004	Message Posted: Aug 21, 2008 9:27:38 AM Ignore mrpc90 Report Abuse Yesterday's news.
WillyG Champion Author Cincinnati Posts:1,891 Points:567,710 Joined:Aug 2005	Message Posted: Aug 21, 2008 9:27:13 AM Ignore WillyG Report Abuse I'm wondering, are gas stations still claiming that they're only making one penny per gallon profit, or that they're loosing money, or now they're making 50 cents or more per gallon trying to catch up ?
Bruno44 Champion Author Texas Posts:1,963 Points:623,880 Joined:Sep 2007	Message Posted: Aug 21, 2008 9:27:00 AM Ignore Bruno44 Report Abuse EagleEye16 is right, don't get lulled into thinking this small decrease is great because it is not great. We need to drill here, Drill Now and quit being so dependent on opec etc that want to destroy the US.