Gas Prices Plunge in Biggest Drop Ever

Demand and recession drive price down
By Peter Fearon,  Newser Staff
Posted Oct 13, 2008 2:20 AM CDT
A motorist fills her SUV with gasoline in Frasier, Mich. Gas prices are plummeting as demand falls and crude oil prices slide in response to the global recession.   (AP Photo/Paul Sancya)
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(Newser) – The Dow isn't the only thing plummeting. Amid falling demand, the average price of a gallon of gasoline has dropped over 35 cents in the last two weeks. The nationwide Lundberg Survey of 5,000 gas stations shows the cost of gas has slid more than 80 cents since March—the biggest drop ever recorded.

 "If crude oil prices don't spike, we can expect further price cutting," said the survey director. "Gasoline demand will continue to shrink in our weak economic condition, and retailers will be anxious to pass through any further price cuts they receive quickly. They need the sales."