Gas prices continue to sink
Oil, several other factors contribute to drop
Keri Wabrowetz
Issue date: 10/20/08 Section: News
This will reduce the demand for gas and oil in the future, Carroll said, which generates an expectation today that the prices in the next couple of years won't be as high as they were last summer.
A long-term trend is one that will continue to raise oil and gas prices, Carroll said.
Carroll explained that the trend is pushed by economic growth, which pushes the prices higher.
"Last summer we saw over $4 a gallon. It seems to really change people's long-term expectations," Carroll said.
Consumers just haven't been spending as much at the pump. Consumption of gas went down about 5 percent last year, Carroll said.
Carroll also said people will most likely choose to drive less because of decreased incomes, despite the fact that gas prices might be coming down again. He said it will be interesting to see if people drive less because they are looking for alternatives, such as buying a hybrid car, walking or biking.
"It will be interesting to see if that long-term trend from last summer really sticks with us and gives us continuing reductions in gasoline consumption," he said.
On Sunday gas was $2.89 at several stations in Eau Claire, and $2.94 at other locations around the state.
A long-term trend is one that will continue to raise oil and gas prices, Carroll said.
Carroll explained that the trend is pushed by economic growth, which pushes the prices higher.
"Last summer we saw over $4 a gallon. It seems to really change people's long-term expectations," Carroll said.
Consumers just haven't been spending as much at the pump. Consumption of gas went down about 5 percent last year, Carroll said.
Carroll also said people will most likely choose to drive less because of decreased incomes, despite the fact that gas prices might be coming down again. He said it will be interesting to see if people drive less because they are looking for alternatives, such as buying a hybrid car, walking or biking.
"It will be interesting to see if that long-term trend from last summer really sticks with us and gives us continuing reductions in gasoline consumption," he said.
On Sunday gas was $2.89 at several stations in Eau Claire, and $2.94 at other locations around the state.
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Gas guy
posted 10/20/08 @ 1:20 PM CST
Filled up in MN for 2.39!!!
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