Finally! When we all thought that gas prices will continue to soar and threaten reaching all-time highs again, we get some welcome news indicating that gas prices have eased down – an average of 7 cents in the past two weeks.
According to gas-price watchdog Lundberg, the average price of gas at pumps in the metro is $2.4859. That number is 7.14 cents less than the previous survey’s average. Quite interestingly, the drop was despite a rise of $8 per gallon of crude oil in the world market.
Experts cite low demand for gasoline linked to issues like unemployment as the driver for the price drop. Less people with jobs means less people commuting to and from work. Unemployment continues to be a problem across all states, affecting the general public’s buying power. Without the power to purchase, consumption is channeled to necessities.
However, oil companies will not be absorbing costs for long and that we can all expect the prices to jump up again if the trend continues.
Source: CNN
