Gas Available Below $2 Per Gallon in 48 States
According to GasBuddy.com, 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.
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Thursday, November 20, 2008
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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1 Comments:
Mark, new Traffic Volume Trends, for September 2008, just posted.
Highlights:
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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