Gas prices plummeting after pricey summer

Although I’m not totally inclined to jump up and down and throw a party, it could be a cause of celebration. After an insanely expensive summer, gas prices are steadily falling back to more reasonable levels, dropping an average of 21 cents over the course of these past two weeks.

The going rate right now is about $2.66 per gallon in the United States, based on a survey of 7,000 filling stations across the nation. The record average was $3.025 a gallon around mid-August.

I’ve found a similar trend here in Canada (Vancouver, specifically), where prices have dropped about 20 cents as well, from $1.20 per litre to $0.99 per litre today. Still expensive, but better.

It seems that the trend will continue, at least in the short term, with the Oil Price Information Service predicting a near US$2 per gallon by American Thanksgiving.


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