Is Gasoline Getting Cheaper?
13 Nov 2013
The Cleveland Plain Dealer pointed out “Gasoline prices now below $3 at some stations” and the Wall Street Journal asked: “How Are Lower Gas Prices Affecting You?” The Washington Post delved into “the surprising reasons why gas prices are falling sharply.”
But are prices really all that low? Have they really fallen all that sharply?
Gas prices have dropped in recent weeks, and the media seems to think it’s something noteworthy. But looking at the EIA’s record of prices over the past several years, prices are still on the high side now. Also, falling prices this time of year is nothing unusual. This year is the bold red line.
The Wall Street Journal piece quoted the owner of a taxi company who put the recent prices in perspective: “It always fluctuates. We’re really happy when it goes down but at same time we know it’s going to go back up. So don’t get too caught up in the gas prices. Instead, we try to educate our drivers on how to save gas.”