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Why are gas prices going down?

I haven't paid much attention to this lately, but noticed that the price per gallon is going down instead of up. It's normal for the price of gas to start going up right before summer and into the summer months. Everything that seems to have been common place in the past is not happening right now.

Common sense tells me that the price of gas should be going up (with the oil spill, summer months, etc.), but it isn't. Does anyone know why or have a theory on this? I'm not complaining because I want to plan my summer vacation and it would be great if the price per gallon stayed lower.

 
QuinnMae

Asked by QuinnMae at 10:49 AM on Jun. 20, 2010 in Politics & Current Events

Level 48 (291,805 Credits)
This question is closed.
Answers (13)
  • Because it has nothing to do with the actual price of crude. It has to do with 10 year speculation of what crude will be selling for then. The Gulf spill has nothing to do with the future price of crude oil.
    jesse123456

    Answer by jesse123456 at 11:04 AM on Jun. 20, 2010

  • My question is why are so many people complaining about it? Is it normal for gas prices to go up this time of year? Yes, but that isn't written in stone. And I think if anything BP will be lowering prices simply in order to save some face, and some business...
    SabrinaMBowen

    Answer by SabrinaMBowen at 11:01 AM on Jun. 20, 2010

  • About time gas goes down I hope it goes down further.
    mamaofficer

    Answer by mamaofficer at 11:13 AM on Jun. 20, 2010

  • I am not complaining which is why I posted in my original question:


     I'm not complaining because I want to plan my summer vacation and it would be great if the price per gallon stayed lower.


    I am just curious and wanted to know what was so different this year.  I hope it does stay low through the summer.  I don't really expect it to though.

    QuinnMae

    Answer by QuinnMae at 11:17 AM on Jun. 20, 2010

  • This is not normal and the funny thing is you aren't hearing about why it's happening. I'm sure Obomb will use it to further his agenda when he touts a new gas tax(after all gas is so low)
    itsmesteph11

    Answer by itsmesteph11 at 11:48 AM on Jun. 20, 2010

  • Because demand is down.
    rkoloms

    Answer by rkoloms at 1:16 PM on Jun. 20, 2010

  • The American Dollar having more value than the Euro right now has a lot to do with this as well.

    Anonymous

    Answer by Anonymous at 1:20 PM on Jun. 20, 2010

  • I have heard a lot of reasons for this. The entire CPI is staying low. The demand for things is low, therefore prices are low. That's the general gist of it.
    stacymomof2

    Answer by stacymomof2 at 2:47 PM on Jun. 20, 2010

  • The one year forecast is $90 a barrell, currently at $78-so enjoy it while you can.
    jewjewbee

    Answer by jewjewbee at 7:59 PM on Jun. 20, 2010

  • It's been going up here in California. Currently btwn 3.09 and 3.22 a gallon for regular.
    parrishsky

    Answer by parrishsky at 10:23 PM on Jun. 20, 2010

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