Thursday, November 20, 2008

Gas Available Below $2 Per Gallon in 48 States

According to, the average price of gas is below $2.00 per gallon now in 30 states; and in all states except Alaska and Hawaii, gas is available somewhere in the state for less than $2.00.


At 11/20/2008 10:04 AM, Blogger John Thacker said...

Mark, new Traffic Volume Trends, for September 2008, just posted.

1) A decline of 4.4% compared to Sep 2007. That's less than the 5.6% decline in Aug, but more than May or July and comparable to June's 4.7% decline. (Traffic in general is higher in the summer, with a greater proportion leisure travel and hence with more elasticity.)

2) Cumulative year-on-year decline is now 3.5%.

3) For a September, we are below 2002 total miles; impressive considering a larger population. For rolling 12 month and cumulative this year, we are between the 2003 and 2004 figures.

4) According to the EIA, gas prices in September were down off the July peak of $4.16/gallon, averaging from $3.68-$3.88 all month. That makes the declines in September more impressive than the July figures. However, the big decline in gas prices occurred in October and November, so the jury is still out on how much of a bounce back in demand we'll see with lower prices.


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