This weekend I noticed gas prices going down a couple more cents from what they were this last week. However, that may not be the case on the national average. According to this article from CNN Money, gas prices may be on the rise. Check out Gas Buddy for gas prices in your local area.
What this Means for the Consumer
What does this mean? Personally, I think it is too early to tell if anything. Crude oil has gone up about $4.50 due to the talks about the big 3 bailout, but that hasn’t created a huge mark-up at the pump. I am not so sure if gas prices will climb back up to the $5 a gallon price point, but I wouldn’t rule out prices climbing back up to about $3 a gallon if demand comes back.
Gas Prices to Spike in Summer
According to the article, gas prices will spike this summer as drivers take advantage of the low cost of fuel. I think with the economy as it is, people will continue to drive less and be more conscious of where their money is going. Time will tell what happens in the next 6 months. I think instead of worrying about a gas spike in the summer, people should focus on day to day living and making sure they are prepared for the worse case scenario.
Anyways, here is the story from CNN Money:
Uh-oh: Gas prices on the rise – Dec. 14, 2008 .
[...] enough in my gas price prognostication skills to tell you that gas is going ot go up to around $3 per gallon. [...]