2008 Forecast: Oil Prices Dip as Supply Rises, Economy Slows

Related Newser Stories

• How Cheap Gas Hurts Green Initiatives, Feds' Bottom Line

  Nov 24, 08 9:15 AM CST
  Americans are driving less and burning less fuel, but it could be too soon for conservation fans to celebrate. That dip, and global economic gloom, has sent oil and gas prices spiraling down, Joseph White writes in the Wall Street Journal, depriving the government of taxes it needs for transportation infrastructure—and perhaps sapping consumers’ motivation to buy more fuel-efficient vehicles. More »

• Gas Prices Plummet Below $2

  Nov 21, 08 5:41 AM CST
  As crude oil sank below $50 for the first time in years, gas prices in America continued their precipitous fall, with the average cost of a gallon below $2 today for the first time since 2005. The turnabout is the sharpest since the government began tracking prices in 1980. Suddenly, writes the Wall Street Journal, debate in Washington has shifted from whether the government should give drivers a tax break to whether Congress should hike taxes.
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• Gas Prices Lowest in Year

  Oct 21, 08 2:14 AM CDT
  The price of gasoline has dropped to its lowest level in a year, Reuters reports. The national average price for a gallon of regular unleaded is $2.91, a drop of 57 cents per gallon in just the last two weeks. Gas is most expensive in San Francisco, at $3.49 a gallon, but is under $3 in most major cities. 
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• Small Dips in Gas Prices Send Drivers Back to SUVs

  Aug 12, 08 2:04 PM CDT
  Oil prices have been falling since mid-June, and though it’s debatable whether speculators or market fundamentals drove the boom (and now possible bust), it is clear that $4 a gallon gas crimped demand. But for how long? With prices now again below that psychological threshold but still $1.19 more than a year ago, auto industry data suggest that even mild relief could reverse the trend toward fuel efficiency, the LA Times reports.
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• LA Prof Discovers New World on Foot

  Jul 26, 08 11:18 AM CDT
  Forced by high gas prices to start walking again, one Los Angeles professor discovered something new: her neighborhood. No longer wanting to drive to a park to walk her dog, Diana Wagman took it through the neighborhood, where she found reburbished homes, furniture on the curb, and—who knew—her neighbors, she writes in the Los Angeles Times.
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