Gas Prices may plunge to $1.15?

Posted on September 15, 2006 by Tariq Nelson

This would be a relief:

The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon

Link: Analyst predicts plunge in gas prices

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2 Responses to “Gas Prices may plunge to $1.15?”

  1. Yusuf Smith, on September 15th, 2006 at 9:21 pm Said:

    As-Salaamu ‘alaikum,

    I wonder if any such change would be mirrored over here? In the UK prices at the pumps were topping £1 (that’s about $1.80!) per litre and have recently fallen to about 90p/ltr (diesel is about 92-94p/ltr). Most of this is due to high fuel taxes because of something called the fuel duty escalator which is what it says - the tax going up above inflation every year to persuade people to use their cars less, but which also hit freight, and companies generally have no choice how they shift freight. The FDE was brought in under John Major in the mid 1990s and persisted until about 2000 when another huge hike led to blockades of fuel depots.

    I can recall fuel costing about 59p/ltr - that was in 1997. Public transport fares are hiked every year as well, which kind of defeats the object of making it more expensive to drive. There was one time in 2004 when I needed to get a single ticket from Ipswich to London (about 70 miles) at short notice and it cost me £24 - no wonder, since there is no alternative bus route and the train service in that part of the country is run by the same company which runs the national buses.

  2. mshahin, on September 17th, 2006 at 2:01 am Said:

    I’ll believe it when I see that price at the gas pump. But I don’t expect to.

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