From Reuters: Average U.S. retail gas prices drop 8 cents in two weeks: survey
Gasoline prices averaged $3.7529 per gallon on October 19, down from $3.8375 on October 5, Trilby Lundberg, editor of the Lundberg Survey, said.
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Lundberg said further declines in retail gas prices are expected if the cost of crude oil does not rise substantially. She added that in California, gasoline prices could have a "dramatic crash" after refinery problems caused a spike two weeks ago.
Those of us in California are still waiting for the "dramatic crash"! We are still paying well over $4 per gallon because of the recent refinery issues (I filled up Friday and paid $4.50 per gallon, but it looks like prices have fallen further over the last 2 days).
Comments
Net energy continues to decline. The aggregate lower net energy of the world's remaining oil guarantees higher prices down the road as we run faster, and faster (i.e. try and pump more and more expensive, low energy return oil), just to stay in place.