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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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WillyG Champion Author Cincinnati Posts:1,915 Points:570,395 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:2,589 Points:846,975 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.
rnb1954 Rookie Author Illinois Posts:52 Points:112,690 Joined:Jun 2008	Message Posted: Aug 21, 2008 9:26:01 AM Ignore rnb1954 Report Abuse Yes it falls so slow and climbs so fast.
KCTraveler Champion Author Kansas City Posts:2,885 Points:414,030 Joined:Aug 2008	Message Posted: Aug 21, 2008 9:24:40 AM Ignore KCTraveler Report Abuse With oil prices falling 22% and gas only 9% there seems to be a lot of profit making going on here.
EagleEye16 Champion Author Nova Scotia Posts:3,913 Points:702,390 Joined:Jun 2007	Message Posted: Aug 21, 2008 9:22:26 AM Ignore EagleEye16 Report Abuse It's nice to see the decrease, but it still isn't any bargain when you consider it increased by 3-4 times that amount, earlier this year.
mooneagle Champion Author Oklahoma City Posts:3,790 Points:779,215 Joined:Jun 2008	Message Posted: Aug 21, 2008 9:21:13 AM Ignore mooneagle Report Abuse It has a long way to drop, and it's going down slower than it went up
star_deceiver Champion Author British Columbia Posts:3,001 Points:700,650 Joined:Jun 2008	Message Posted: Aug 21, 2008 9:19:22 AM Ignore star_deceiver Report Abuse well, we're getting there
rogerparry Champion Author Florida Posts:4,589 Points:934,580 Joined:Jan 2008	Message Posted: Aug 21, 2008 9:17:02 AM Ignore rogerparry Report Abuse It's not enough, keep coming down.
legacy98 Rookie Author Pennsylvania Posts:12 Points:9,415 Joined:Dec 2007	Message Posted: Aug 21, 2008 9:16:20 AM Ignore legacy98 Report Abuse We need more domestic drilling. Windmills will not reduce gas prices.
Zygnatz Champion Author British Columbia Posts:8,160 Points:1,603,280 Joined:Oct 2005	Message Posted: Aug 21, 2008 9:15:03 AM Ignore Zygnatz Report Abuse It's a start. Still a long way to go.
bell05 Champion Author Atlanta Posts:4,321 Points:900,230 Joined:Jun 2005	Message Posted: Aug 21, 2008 9:15:01 AM Ignore bell05 Report Abuse Lowest in Ga $3.29. Around Atl. in the '50s. Mostly in Ga. in the '40s. We just cain't stop ccutting back and the alternatives.
kanmandoo Champion Author Detroit Posts:1,350 Points:1,301,420 Joined:Jun 2005	Message Posted: Aug 21, 2008 9:14:56 AM Ignore kanmandoo Report Abuse they should decline 50%.
CatbirdWoman All-Star Author Ohio Posts:840 Points:428,130 Joined:Jan 2007	Message Posted: Aug 21, 2008 9:14:40 AM Ignore CatbirdWoman Report Abuse I agree, I hope it keeps dropping. Maybe it will.
bowler48226 Champion Author Detroit Posts:1,721 Points:459,410 Joined:Sep 2007	Message Posted: Aug 21, 2008 9:13:49 AM Ignore bowler48226 Report Abuse Every little bit helps.
HybridPete Champion Author Detroit Posts:4,542 Points:890,020 Joined:Jan 2008	Message Posted: Aug 21, 2008 9:12:26 AM Ignore HybridPete Report Abuse Need another $1.40 more off the high prices to get back to reasonable.
Matts_Pap Champion Author Pennsylvania Posts:4,573 Points:829,765 Joined:Feb 2008	Message Posted: Aug 21, 2008 9:11:54 AM Ignore Matts_Pap Report Abuse Time will tell.
RochBear Champion Author Minnesota Posts:5,527 Points:1,047,215 Joined:May 2006	Message Posted: Aug 21, 2008 9:09:36 AM Ignore RochBear Report Abuse We need to keep the pressure on the auto industry to give us cars which run on alternative fuel (air, electric, hydrogen....) We need to increase our production of alternatives (wind/solar/hydro-electric, others....) We need to keep the pressure on congress to allow for more domestic production (keep jobs here, keep $ here, alternatives (tax incentives for putting up solar/wind....) We need to vote out the Idiots who won't allow more domestic drilling (bye bye Nancy!)
Retowered Champion Author Colorado Posts:4,142 Points:1,721,075 Joined:May 2004	Message Posted: Aug 21, 2008 9:09:12 AM Ignore Retowered Report Abuse OK, but not here.
owatonnajeep Champion Author Minnesota Posts:3,510 Points:709,345 Joined:Nov 2007	Message Posted: Aug 21, 2008 9:07:29 AM Ignore owatonnajeep Report Abuse I can't complain, but if it kept steadily going down that would be awesome
china211 Veteran Author Long Island Posts:497 Points:84,400 Joined:May 2008	Message Posted: Aug 21, 2008 9:07:04 AM Ignore china211 Report Abuse Should be even lower like back to 2 doolars again!!!!!!
unclebobMO Veteran Author Missouri Posts:266 Points:188,355 Joined:Mar 2008	Message Posted: Aug 21, 2008 9:06:44 AM Ignore unclebobMO Report Abuse I can't complain about the falling prices at the pump at all. I'd just like to see the trend continue
RC_RACER Champion Author Tacoma Posts:4,014 Points:759,235 Joined:Jun 2004	Message Posted: Aug 21, 2008 9:06:09 AM Ignore RC_RACER Report Abuse ss70, you are exactly right.
lucky69 Champion Author Austin Posts:1,773 Points:624,175 Joined:May 2008	Message Posted: Aug 21, 2008 9:05:53 AM Ignore lucky69 Report Abuse It's decline in Austin nearly 60 cents though it is still over a dollar higher than this time last year, still too high.
plumb37 Champion Author Quebec Posts:3,256 Points:201,715 Joined:Jun 2008	Message Posted: Aug 21, 2008 9:05:25 AM Ignore plumb37 Report Abuse "alternate fuel" now that is the way to go.
squeezle Champion Author Virginia Posts:2,852 Points:842,065 Joined:Sep 2005	Message Posted: Aug 21, 2008 9:02:51 AM Ignore squeezle Report Abuse Let's not get complacent now that prices are dropping. The time to develop better MPG cars and alternate fuel technologies is now!
ss70 Champion Author Detroit Posts:5,344 Points:1,126,210 Joined:Sep 2005	Message Posted: Aug 21, 2008 9:02:45 AM Ignore ss70 Report Abuse too much of greed and political cloutof the Big oil is causing this .. There is no free market here for the Oil. when the demand is going down they talk about world ... when that is down they talk about politics ... then hurricanes .. then some Bull .. they keep the gas prices high ..
chas_commuter All-Star Author South Carolina Posts:833 Points:227,070 Joined:Mar 2008	Message Posted: Aug 21, 2008 9:02:40 AM Ignore chas_commuter Report Abuse Now if we announce the intent to drill, pump and refine our own oil it will fall even further.
njteech Champion Author New Jersey Posts:7,778 Points:1,776,880 Joined:Aug 2004	Message Posted: Aug 21, 2008 9:00:53 AM Ignore njteech Report Abuse Keep conserving
DFleming All-Star Author Alberta Posts:500 Points:105,445 Joined:May 2008	Message Posted: Aug 21, 2008 9:00:29 AM Ignore DFleming Report Abuse A penny saved is a penny earned!
billgina81 Rookie Author Texas Posts:41 Points:5,875 Joined:Aug 2008	Message Posted: Aug 21, 2008 8:58:48 AM Ignore billgina81 Report Abuse Hey 40 cents is 40 cents! I'll take it! I'm excited about $3.57 a gallon in my neighborhood! Sad huh?
FawltyPawl Champion Author North Carolina Posts:1,235 Points:202,480 Joined:Jul 2008	Message Posted: Aug 21, 2008 8:58:25 AM Ignore FawltyPawl Report Abuse Amusing how we get pleased to lower prices 40 cents after it goes up two or three times that amount.
Toppers Champion Author Atlanta Posts:4,097 Points:1,498,140 Joined:Mar 2005	Message Posted: Aug 21, 2008 8:58:24 AM Ignore Toppers Report Abuse 50 would B better!
jeep2003 Veteran Author New York Posts:251 Points:245,250 Joined:May 2008	Message Posted: Aug 21, 2008 8:57:38 AM Ignore jeep2003 Report Abuse The price needs to keep dropping. Not happening fast enough or soone enough.
timwil Champion Author Arkansas Posts:3,238 Points:640,315 Joined:May 2007	Message Posted: Aug 21, 2008 8:56:18 AM Ignore timwil Report Abuse hope it goes lower
oncotime Champion Author Milwaukee Posts:12,572 Points:2,275,175 Joined:May 2003	Message Posted: Aug 21, 2008 8:54:26 AM Ignore oncotime Report Abuse it's a start
Gas_Buzzer Champion Author South Carolina Posts:9,464 Points:1,699,080 Joined:Sep 2005	Message Posted: Aug 21, 2008 8:52:31 AM Ignore Gas_Buzzer Report Abuse Actually gas should be selling for the low $3/gallon based on today's cost per barrel. $114 = 34 gallons of distillate.
rbdesigns All-Star Author Modesto Posts:523 Points:389,145 Joined:May 2008	Message Posted: Aug 21, 2008 8:51:48 AM Ignore rbdesigns Report Abuse It's difficult for them to keep prices up when we conserve. Let's keep it up.
MI 99XPL Rookie Author Detroit Posts:32 Points:93,340 Joined:Mar 2003	Message Posted: Aug 21, 2008 8:50:45 AM Ignore MI 99XPL Report Abuse Still a long way to go to get back to the $1.20 - $1.40 range.
HockeyLady Champion Author New Jersey Posts:2,552 Points:1,492,835 Joined:Jun 2005	Message Posted: Aug 21, 2008 8:50:20 AM Ignore HockeyLady Report Abuse keep falling!
phatride92 Champion Author Kansas Posts:6,990 Points:1,577,635 Joined:Oct 2005	Message Posted: Aug 21, 2008 8:47:11 AM Ignore phatride92 Report Abuse ok
vwphred Sophomore Author Toronto Posts:134 Points:1,314,795 Joined:Jan 2006	Message Posted: Aug 21, 2008 8:47:07 AM Ignore vwphred Report Abuse Ditto for Ontario, they don't!
acrider54 Champion Author British Columbia Posts:14,088 Points:2,527,835 Joined:Mar 2003	Message Posted: Aug 21, 2008 8:45:42 AM Ignore acrider54 Report Abuse Not in B.C. they don't
canescommuter Champion Author Greensboro Posts:1,702 Points:378,595 Joined:Feb 2008	Message Posted: Aug 21, 2008 8:44:06 AM Ignore canescommuter Report Abuse keep dropping. still way too high.
SaturnRay Champion Author Oklahoma City Posts:2,923 Points:591,215 Joined:Apr 2006	Message Posted: Aug 21, 2008 8:43:04 AM Ignore SaturnRay Report Abuse Down is still up.
tomok Champion Author Portland Posts:18,269 Points:1,363,135 Joined:Aug 2006	Message Posted: Aug 21, 2008 8:41:12 AM Ignore tomok Report Abuse I've had it drop much more than 40 cents.... Since this decline has started - the price of regular has dropped over $1 a gallon and more.
demnuts Champion Author Orlando Posts:8,200 Points:1,273,025 Joined:Aug 2003	Message Posted: Aug 21, 2008 8:40:58 AM Ignore demnuts Report Abuse some how their math is different than mine gas is down .27 here!!
deerchaser All-Star Author Lincoln Posts:574 Points:898,600 Joined:Sep 2005	Message Posted: Aug 21, 2008 8:40:25 AM Ignore deerchaser Report Abuse When it gets back to the 3 dollar range that will be news.
cableman31 Champion Author New York Posts:4,017 Points:1,065,855 Joined:May 2004	Message Posted: Aug 21, 2008 8:38:36 AM Ignore cableman31 Report Abuse It has gone up over a dollar, so it still has to come down more.
pcon34 All-Star Author Indiana Posts:675 Points:668,280 Joined:Dec 2005	Message Posted: Aug 21, 2008 8:38:24 AM Ignore pcon34 Report Abuse Right on target MHEWER! I've been saying the same thing for two weeks now. During May and June, gas would jump 4-5 percent on 2 percent jump in oil prices, now when it goes the other way, gas is lagging way behind. No wonder, the profits for most retailers like BP, SHELL, EXXON/MOBIL have gone through the roof.
greytdino Veteran Author Indiana Posts:491 Points:102,635 Joined:Sep 2005	Message Posted: Aug 21, 2008 8:35:58 AM Ignore greytdino Report Abuse Woo hoo!
danielle6181 All-Star Author Houston Posts:754 Points:403,890 Joined:Aug 2005	Message Posted: Aug 21, 2008 8:35:28 AM Ignore danielle6181 Report Abuse Keep dropping.
mhewer All-Star Author Detroit Posts:591 Points:303,500 Joined:Sep 2007	Message Posted: Aug 21, 2008 8:33:51 AM Ignore mhewer Report Abuse If crude dropped 22%, why has gas only dropped 9%????