The Decline in Gas Prices

Mar 10, 2015 by

automobile gas pricesI started driving in 2002, when “high” gas prices were around 2 or more dollars per gallon. That being said, it was definitely a much different world. Driving your car or used Land Rover and filling it up with gas would take about $25 at the most, thus making it relatively inexpensive to go from place to place. This is when more people started buying SUV’s and other large vehicles – in short, they weren’t really concerned about the gas prices going up as much as they have.

Fast forward to college, where I was horrified as I saw gas prices climb up to almost $4 a gallon (and in some states, it was even close to $5 a gallon). People started driving less, getting rid of their SUVs, and pushing companies to work on getting more economical vehicles out on the market. Hybrids started to become a lot more popular, thus making it so that people could at least try to save some cash in the long run.

Gas Prices Dropping

That being said, we’ve seen a different phenomenon going on. While gas prices had remained pretty steady at about $3 to $3.50 per gallon, about two or so months ago, we started to see the gas prices plummet. We watched (many of us excitedly) as many places started to plummet – now, most states have gas for less than $3 a gallon, which is the lowest it has been in several years. This change was very welcome, especially now that the holidays are coming up and many people are traveling quite frequently.

Why has this happened and what does this mean?

There are a few theories about it, but the main one is that the economy has finally stabilized in many countries all over the world. And even though there is still a lot of unrest in the Middle East, we’ve been able to get gas prices at a reasonable level. Our inflation is no longer out of control, despite of attorney work (check this attorney page to see their work against abusive price increases), which can also be seen by the fact that prices in the grocery store and other prices are finally stabilizing.

Hopefully, this means that we are finally getting out of the recession that we have been fending off since the early 2000’s. The unemployment rate has being doing better as well, and even though many people are still struggling financially, it at least seems to be evening out.

What do you think? Is this a sign that we’re finally getting back on track?



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