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Gas Prices Down....But for How Long?

Anyone who fills up their gas tank on a regular basis has undoubtedly noticed that gas prices have dropped over the past few weeks.  Even with this lull, don't let this drop in price ease your mind that they will stay that way. According to the Energy Information Administration (EIA), under the Department of Energy, gas prices will only follow this trend for a short time. In the EIA's Short-Term Outlook report, it states that gas prices will fall only in the short-term. After this short respite, prepare yourselves for increases in oil prices from increased demands that the winter seasons brings.

The report states; "Residential heating oil prices during the upcoming heating season (October though March) are projected to average $4.34 per gallon compared with $3.31 during the last heating season, an increase of about 31 percent." 

What will help smooth the "peaks and valleys" that accompanies oil prices?  Wide-spread adoption of energy-efficient technology.  The world's need for oil will not be eliminated overnight, but the increased use of energy-efficient technology will wean everyone off the dependence for oil. 


Posted 08-18-2008 10:41 AM by Dain Hansen
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Comments

Alijah H. wrote re: Gas Prices Down....But for How Long?
on 01-07-2009 4:34 AM

Predicting the future is tricky – like the next time a person will need payday loans, or who is going to win the lottery. Most often, fortune telling is bunk. A prediction that is specific has about a 50/50 shot at best, and if you make a vague enough prediction, then you'll eventually always be right. There were a lot of predictions about 2008 – and a lot of them came up short. Oil prices plummeted like a rock, and it turns out that Barack Obama will be starting a new job on Jan 20th, as the next President of the United States. 2008 was one tricky year, and 2009 ought to be some fun as well.

Payday Loans wrote re: Gas Prices Down....But for How Long?
on 01-13-2009 2:47 AM

Gas prices may not be so high that it sends people running for payday loans, but the trends that started when the prices were high continued as the floor dropped out of gas prices. When gas prices started to climb over $3, there was a hike in the amount of people that were using public transportation, a trend that has continued even after the prices dropped again. People have just gotten used to buses, and it certainly is more convenient than driving – you don't have to deal with traffic as much, you don't have to fill up the bus, and you don't have to change the oil, filter, or the tires. The consumption of gasoline has fallen so much that the gas commissioner is considering raising the gas tax, because the revenue from gas taxes goes to pay for highway construction and repair projects, and the revenues have fallen far enough to worry them.

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