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Gas price likely won't set record this summer

Philly.com -- NEW YORK - Gasoline prices likely won't set any records this summer, thanks to a recent drop in the price of oil.

The government on Tuesday slashed its forecast for average gas prices to $3.79 per gallon for the summer driving season. That's down from an initial estimate of $3.95 and below 2008's record average of $3.80.

The Energy Information Administration's revised forecast is encouraging news for the economy. Some economists blame high pump prices for so-so consumer spending this year. They were also seen as a factor in the loss of 35,000 retail jobs in February and March.

Gasoline prices soared 20 percent from January to early April.

A few analysts warned drivers they could pay as much as $5 this summer, eclipsing the 2008 record of $4.11 per gallon.

Not anymore. The price of ben

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Submitted May 09, 2012 By: Cakes77

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D4444J Champion Author Albuquerque Posts:1,854 Points:591,805 Joined:Aug 2011	Message Posted: May 10, 2012 8:42:10 AM Ignore D4444J Report Abuse Great if it were true.Dreamers.
remay Champion Author Houston Posts:6,983 Points:2,120,540 Joined:May 2006	Message Posted: May 10, 2012 8:37:05 AM Ignore remay Report Abuse Maybe not, but the impact is STILL there, and WILL BE there!
labombaOH Veteran Author Ohio Posts:432 Points:128,885 Joined:Nov 2007	Message Posted: May 10, 2012 8:26:01 AM Ignore labombaOH Report Abuse A Refinery Fire will stop this un American price drop
pbear316 Champion Author Akron Posts:2,045 Points:680,065 Joined:Apr 2011	Message Posted: May 10, 2012 6:41:08 AM Ignore pbear316 Report Abuse Good news.
Virgin55 Veteran Author Ocala Posts:313 Points:888,340 Joined:May 2010	Message Posted: May 10, 2012 2:52:03 AM Ignore Virgin55 Report Abuse ok
bsg75 Veteran Author Chicago Posts:428 Points:134,240 Joined:May 2010	Message Posted: May 10, 2012 2:07:23 AM Ignore bsg75 Report Abuse Gas prices are all Nobonzo's fault. If you don't want profiteering by the richest 0.01% on Earth at the expense of the average Joe Driver, you obviously must tie your dog to your car roof and go vote for Willard Mittens Romney.
kd5kpd Champion Author Texas Posts:3,752 Points:1,419,650 Joined:Apr 2006	Message Posted: May 10, 2012 2:04:40 AM Ignore kd5kpd Report Abuse Dont bet the farm on cheap fuel, hurricane season is just around the corner & with fuel prices being higher than normal due to speculation & greed ANY sign of a possible tropical storm or hurricane in the gulf prices will jump to 4-5.00 a gallon over night!!!!
UseLessGasFolks Champion Author Iowa Posts:5,461 Points:1,298,775 Joined:Jul 2007	Message Posted: May 10, 2012 2:02:58 AM Ignore UseLessGasFolks Report Abuse The less we use the less it costs.
downstream Champion Author Little Rock Posts:1,112 Points:1,394,850 Joined:Mar 2006	Message Posted: May 10, 2012 1:53:57 AM Ignore downstream Report Abuse one never knows... do one? (it's a classic line)
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 10, 2012 1:46:10 AM Ignore Garyallman Report Abuse China is a close second actually, if things keep going like they are, china will own all our butts!
GAS1251 Champion Author Texas Posts:5,165 Points:1,630,170 Joined:Jun 2008	Message Posted: May 10, 2012 1:43:20 AM Ignore GAS1251 Report Abuse Still higher than it should be.e
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 10, 2012 1:43:06 AM Ignore Garyallman Report Abuse I really believe it matters not who is in office, i believe in the golden rule, "he who owns the gold makes the rules" and that would be special interest, (BIG OIL), and next would be the pharmaceutical companies, etc. etc. these are the true presidents, and owners of America.
PetroScopper Champion Author Houston Posts:6,637 Points:1,552,900 Joined:Aug 2008	Message Posted: May 10, 2012 1:42:54 AM Ignore PetroScopper Report Abuse The rhetoric is always much worse than the reality.
dave1745 Champion Author Gary Posts:1,262 Points:740,750 Joined:Dec 2010	Message Posted: May 10, 2012 1:42:11 AM Ignore dave1745 Report Abuse nice
coke_kid Champion Author Chicago Posts:1,536 Points:324,370 Joined:Nov 2005	Message Posted: May 10, 2012 1:41:29 AM Ignore coke_kid Report Abuse still way over 4 bucks here and people are still hurting and using every dime left they have and insted of extra food or cloths or school items for kids or even a trip its all going into the gas tank. Thanks to Obama and his oil policys we are $2.38 over what it was when obama got elected...
cheapertvs Champion Author Richmond Posts:10,300 Points:2,744,645 Joined:Jan 2004	Message Posted: May 10, 2012 1:41:13 AM Ignore cheapertvs Report Abuse Notice that when net demand dropped throughout the World, prices went down.
mcmonsta Champion Author Honolulu Posts:3,241 Points:821,450 Joined:Sep 2009	Message Posted: May 10, 2012 1:40:33 AM Ignore mcmonsta Report Abuse record low ...we can DREAM about it....
idigau22 Champion Author Washington Posts:23,429 Points:3,204,910 Joined:Apr 2003	Message Posted: May 10, 2012 1:40:29 AM Ignore idigau22 Report Abuse Everyone claims to have the Crystal Ball of Oil and Gas prices!! Fuel prices have been inflated for over 3 years now!!!
probedude2 Champion Author Akron Posts:12,573 Points:2,384,205 Joined:Jun 2003	Message Posted: May 10, 2012 1:39:17 AM Ignore probedude2 Report Abuse Then again, maybe it will [Edited by: probedude2 at 5/10/2012 1:38:59 AM EST]
LuthierKS Champion Author Wichita Posts:3,764 Points:732,855 Joined:Apr 2011	Message Posted: May 10, 2012 1:34:42 AM Ignore LuthierKS Report Abuse It appears as though the private sector has managed to beat down the Obama administration, at least in the short term. If Obama gets reelected in November, it will be Katy-bar-the-door for fuel prices because he won't have to face an angry electorate again.
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 10, 2012 1:32:03 AM Ignore Garyallman Report Abuse Gee it's too bad that most Americans either cannot afford to shield themselves from this, and it's to bad that the ones who can afford to shield themselves from high gas prices do not participate in cutting back, or buying an economy car. I guess it is what it is. The road to disaster is all down hill, and nobody has brakes. Heh, glad I won't be around in the next 10 generations to see what happens when America reaches the end of the line for oil.
thirstyauto Champion Author Milwaukee Posts:14,740 Points:1,622,570 Joined:Nov 2008	Message Posted: May 10, 2012 1:30:40 AM Ignore thirstyauto Report Abuse We'll see!!!
jorod55 Champion Author California Posts:1,485 Points:434,425 Joined:Dec 2011	Message Posted: May 10, 2012 1:26:43 AM Ignore jorod55 Report Abuse Still over $4.00 a gal. here in the SF bay area.
Steady325 Champion Author Orange County Posts:2,593 Points:1,462,010 Joined:Nov 2008	Message Posted: May 10, 2012 1:23:47 AM Ignore Steady325 Report Abuse ok
Dodge_Me Champion Author Atlanta Posts:2,214 Points:558,480 Joined:Mar 2006	Message Posted: May 10, 2012 1:23:35 AM Ignore Dodge_Me Report Abuse Just keep going down. :-)
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 10, 2012 1:23:22 AM Ignore Garyallman Report Abuse No company abandons a business model that racks in the billions, we will be victims until we are through being victimized, actually I suspect they get the message, but the money is still flowing, so why change the business model, I do see why we have this problem.
roadrunnerMO Champion Author Kansas Posts:8,421 Points:1,702,390 Joined:Jul 2008	Message Posted: May 10, 2012 1:23:11 AM Ignore roadrunnerMO Report Abuse Great as they go down.
q2 Champion Author Alberta Posts:2,049 Points:383,020 Joined:Nov 2008	Message Posted: May 10, 2012 1:21:09 AM Ignore q2 Report Abuse The spring time record prices were not enough ?
Timons All-Star Author Houston Posts:699 Points:497,795 Joined:Jul 2007	Message Posted: May 10, 2012 1:19:49 AM Ignore Timons Report Abuse Good news?
Ron77095 Champion Author Houston Posts:3,075 Points:605,600 Joined:Sep 2011	Message Posted: May 10, 2012 1:18:20 AM Ignore Ron77095 Report Abuse Really?
mfeldstein Champion Author Ottawa Posts:8,191 Points:1,934,480 Joined:Feb 2007	Message Posted: May 10, 2012 1:17:52 AM Ignore mfeldstein Report Abuse Rooster922 .... Good observation.
LareBear09 Sophomore Author Orange County Posts:147 Points:426,130 Joined:Dec 2008	Message Posted: May 10, 2012 1:17:34 AM Ignore LareBear09 Report Abuse Glad to hear that the rest of the country will be paying an average of $3.79. Here on the West Coast, our prices range from $4.15 to $4.49 right now, and prices continue to slowly increase each week.
GoGoGoodyear Champion Author Los Angeles Posts:2,060 Points:510,825 Joined:Mar 2010	Message Posted: May 10, 2012 1:17:32 AM Ignore GoGoGoodyear Report Abuse As if the record high prices already hit this year weren't enough!
Rooster922 Champion Author Wilmington Posts:3,808 Points:660,070 Joined:Jan 2009	Message Posted: May 10, 2012 1:16:55 AM Ignore Rooster922 Report Abuse Here comes the innuendo of speculating.
no8c Champion Author Ohio Posts:2,819 Points:707,775 Joined:Jul 2008	Message Posted: May 10, 2012 1:16:23 AM Ignore no8c Report Abuse Thanks for posting this article!
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 10, 2012 1:15:28 AM Ignore Garyallman Report Abuse No company walks away from a successful business model, we are all on the chopping block!
miiike572 All-Star Author Phoenix Posts:798 Points:528,415 Joined:Apr 2009	Message Posted: May 10, 2012 1:15:26 AM Ignore miiike572 Report Abuse can't travel when you don't have the money to buy the gas.
frontrowjoe33 Champion Author Chicago Posts:20,698 Points:2,705,665 Joined:Oct 2005	Message Posted: May 10, 2012 1:14:34 AM Ignore frontrowjoe33 Report Abuse Supply and demand, prices shoot up, people cut back in buying, there is a surplus, and prices fall. Here we stand. [Edited by: frontrowjoe33 at 5/10/2012 1:14:50 AM EST]
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 10, 2012 1:12:35 AM Ignore Garyallman Report Abuse Yep, people started to say screw it, they had to avert a catastrophie, the economy was starting to take a hit! It's like fishing, ya gotta let the population recover before you continue the carnage, there will be next season. By then people won't be as worried about gas because the price will be lower than outrageous. Next summer they will impose the losses they are incurring this summer.
RENEGADEGAS Champion Author Missouri Posts:14,929 Points:1,594,150 Joined:Jul 2008	Message Posted: May 10, 2012 1:11:48 AM Ignore RENEGADEGAS Report Abuse Its already in the record highs. Dont forget, it was $2.00 a gallon cheaper just 3 and half years ago.
BobD2009 Champion Author Long Island Posts:7,004 Points:1,242,810 Joined:Apr 2009	Message Posted: May 10, 2012 1:10:59 AM Ignore BobD2009 Report Abuse Predictions, predictions, they are usually wrong.
MinnesotaDJ Champion Author Minnesota Posts:4,767 Points:777,410 Joined:Feb 2010	Message Posted: May 10, 2012 1:08:35 AM Ignore MinnesotaDJ Report Abuse That's a good thing, maybe we won't have the boycotting stations now.
REVLAW Champion Author San Antonio Posts:10,451 Points:2,010,170 Joined:Jul 2007	Message Posted: May 10, 2012 1:08:34 AM Ignore REVLAW Report Abuse Perhaps the price is being affected by the HO and dems strong desire against a landslide defeat next November.
btex49 Champion Author Austin Posts:2,735 Points:534,780 Joined:Aug 2011	Message Posted: May 10, 2012 1:07:38 AM Ignore btex49 Report Abuse And hopefully, President Obama won't set any records for stupidity this summer either.
TekWare Champion Author Toronto Posts:3,181 Points:676,300 Joined:May 2011	Message Posted: May 10, 2012 1:06:45 AM Ignore TekWare Report Abuse I guess the thought of imminent economic collapse made them lower them just a smidge.
blueBMW480 Champion Author Nashville Posts:818,391 Points:843,665 Joined:Jan 2011	Message Posted: May 10, 2012 1:04:24 AM Ignore blueBMW480 Report Abuse Awesome
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 10, 2012 1:04:01 AM Ignore Garyallman Report Abuse Sad part about it is the division of the people's focus, if we all got together and did what we needed to do, we could have these oil companies working for us instead of the other way around. There are other forms of energy. Would be nice also to have a leader that we the people own, instead the oil companies own.
TBONE3 Champion Author Pennsylvania Posts:8,761 Points:1,979,575 Joined:Mar 2005	Message Posted: May 10, 2012 1:02:49 AM Ignore TBONE3 Report Abuse Let's hope this actually happens. So far the previous predictions have not paned out so I will believe this when I am at the pump.
GigHarborHound Champion Author Tacoma Posts:2,552 Points:491,415 Joined:Sep 2011	Message Posted: May 10, 2012 1:02:00 AM Ignore GigHarborHound Report Abuse Break my heart!!!
abacus44 Champion Author Toms River Posts:3,495 Points:750,665 Joined:Jan 2011	Message Posted: May 10, 2012 1:01:49 AM Ignore abacus44 Report Abuse Dream on!