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Local gas prices plunge to the lowest level since 2004

Posted December 2nd, 2008 by Charles Langley

UCAN News

Gas prices dropped another 18.3 cents in the last week to a new low of $1.89 a gallon for regular unleaded, according to UCAN's Cheap Gas Locator. At this time, it looks as though prices will continue to drop for the short term, although a return to $3 a gallon gas by Spring, 2009, is likely.

According to UCAN, gas prices have not been this low since February 10, 2004, when gasoline cost $1.89 a gallon and oil cost $33 a barrel.

Yesterday, NYMEX oil closed at $49 a barrel.  Meanwhile, the cost of a barrel of raw, unblended 84 octane gasoline on the LA Spot Market was about $46 a barrel. 

For a brief overview of how refiners are losing money on every barrel they produce, click here. For more information, contact Michael Shames or Charles Langley.

Find cheap gas in your neighborhood.

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Gas & Autos Gas Prices -

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