Gas Prices Need to Fall Further

Posted by Patrick O'Connor on 8/11/08 10:42 am

Gasoline prices are down only 7% from their highs, and nine states are still paying more than $4 per gallon for regular.  They need to come down a lot more if consumers are going to get some immediate relief.  Oil is down about 23% from its high, so gasoline should continue to fall if crude does not rebound.

Oil demand in China dropped significantly in July year/year.

Conflict in Georgia threatens oil supplies.

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