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Gas price dips — will it stick?
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| Columbia High Student Heather Whitehead, 16, tops off her mother’s GMC Envoy at the B&B Food Store on U.S. Highway 441. Regular gasoline prices officially dipped below $2 per gallon in Florida this week. ‘Hopefully gas prices stay like this when I get my own car,’ Whitehead said, pumping $1.98 per gallon fuel into her vehicle. ‘I’ll be happy with gas to stay around this price.’ JASON MATTHEW WALKER/Lake City Reporter |
State sees unofficial low of $1.63 per gallon
By Michael Mitseff
Just in time for the holidays, gasoline prices nationally and in Columbia County have fallen below $2 per gallon for the first time in years.
The last time gasoline broke the $2 barrier nationwide was February 2005 when a gallon of unleaded regular was $1.90. In March 2005 it jumped to $2.04, said Gregg Laskoski, Tampa AAA spokesperson.
In Florida, gasoline at the pump was $1.94 in February 2005, but climbed to $2.07 in March 2005.
Today, the national average for a gallon of unleaded regular is $1.908, one year ago it was $3.086.
The average cost for a gallon of unleaded regular in Florida is $1.961, one year ago it was $3.151.
According to AAA, the current price for regular unleaded in Daytona Beach is $1.975, last year it was $3.158; in Fort Lauderdale it’s $2.039, last year it was $3.195; in Gainesville it’s $1.980, one year ago it was $3.162; and in Jacksonville it’s $1.897, last year it was $3.115.
The lower prices are applauded by residents of Columbia County as they continue to see their monthly gas bill shrink by more than $2 per gallon.
“The lower prices will help out tremendously,” said resident Jim Gallagher, 51, noting that he works in Jacksonville. “We were driving to Jacksonville every day, so our gas bills will be pretty much cut in half.
“That’ll provide us with more cash for the holidays and definitely more cash than we’ve had the last few months,” he said. “I hope the prices keep going down but that depends on what OPEC does, I guess.”
The Energy Information Administration, the Official Energy Statistics from the U.S. Government projects the annual average West Texas Intermediate price of crude oil to be $101.45 per barrel in 2008 and $63.50 in 2009. The current price for a barrel of crude is hovering around $50.
The annual average retail gasoline and diesel prices in 2009 are projected to be $2.37 and $2.73 per gallon.
Motorists here are happy to hear the good news, but are hoping that the declines continue.
“I’m only able to work 17to18 hours a week, so it’s really helping on the paycheck,” said resident Tim Whiddon, 19. “I don’t have to worry about going places now or worry about wasting the gas to go somewhere and back.
“I’m all for the environment — don’t get me wrong — it’s just that we have so much oil reserves on our own soil that we could be drilling for, that would help out a lot. When it comes down to it, it’s the humans or the animals, when people can’t feed their families because of the gas, it’s about time to start trying something different.”
The only bad news associated with the fall in demand of oil is the announcement by the Organization of the Petroleum Exporting Countries to lower its production target by 1.5 million barrels per day, effective Nov. 1, according to a EIA report, noting that OPEC is hoping to stabilize oil prices.
OPEC members plan to meet in Algeria on Dec. 17 to review market conditions.
Unofficial reports from around Florida place the cost of a gallon of unleaded regular as low as $1.63.
“I think the prices are great; I would love to see them go down more,” said resident Amber Wilson, 20. “It’s definitely helping my budget because I’m not having to pay as much for gas. I will have more money to spend for the holidays instead of putting it in my gas tank.”
The EIA reports that projections for future oil prices assumes that the OPEC production cut may limit, but not reverse, the recent sharp fall in oil prices.
The EIA projects that oil prices will remain relatively flat, averaging $60 to $65 per barrel throughout 2009.
Its report concludes that the condition of the global economy is expected to remain the most important factor driving world oil prices.
The last time gasoline broke the $2 barrier nationwide was February 2005 when a gallon of unleaded regular was $1.90. In March 2005 it jumped to $2.04, said Gregg Laskoski, Tampa AAA spokesperson.
In Florida, gasoline at the pump was $1.94 in February 2005, but climbed to $2.07 in March 2005.
Today, the national average for a gallon of unleaded regular is $1.908, one year ago it was $3.086.
The average cost for a gallon of unleaded regular in Florida is $1.961, one year ago it was $3.151.
According to AAA, the current price for regular unleaded in Daytona Beach is $1.975, last year it was $3.158; in Fort Lauderdale it’s $2.039, last year it was $3.195; in Gainesville it’s $1.980, one year ago it was $3.162; and in Jacksonville it’s $1.897, last year it was $3.115.
The lower prices are applauded by residents of Columbia County as they continue to see their monthly gas bill shrink by more than $2 per gallon.
“The lower prices will help out tremendously,” said resident Jim Gallagher, 51, noting that he works in Jacksonville. “We were driving to Jacksonville every day, so our gas bills will be pretty much cut in half.
“That’ll provide us with more cash for the holidays and definitely more cash than we’ve had the last few months,” he said. “I hope the prices keep going down but that depends on what OPEC does, I guess.”
The Energy Information Administration, the Official Energy Statistics from the U.S. Government projects the annual average West Texas Intermediate price of crude oil to be $101.45 per barrel in 2008 and $63.50 in 2009. The current price for a barrel of crude is hovering around $50.
The annual average retail gasoline and diesel prices in 2009 are projected to be $2.37 and $2.73 per gallon.
Motorists here are happy to hear the good news, but are hoping that the declines continue.
“I’m only able to work 17to18 hours a week, so it’s really helping on the paycheck,” said resident Tim Whiddon, 19. “I don’t have to worry about going places now or worry about wasting the gas to go somewhere and back.
“I’m all for the environment — don’t get me wrong — it’s just that we have so much oil reserves on our own soil that we could be drilling for, that would help out a lot. When it comes down to it, it’s the humans or the animals, when people can’t feed their families because of the gas, it’s about time to start trying something different.”
The only bad news associated with the fall in demand of oil is the announcement by the Organization of the Petroleum Exporting Countries to lower its production target by 1.5 million barrels per day, effective Nov. 1, according to a EIA report, noting that OPEC is hoping to stabilize oil prices.
OPEC members plan to meet in Algeria on Dec. 17 to review market conditions.
Unofficial reports from around Florida place the cost of a gallon of unleaded regular as low as $1.63.
“I think the prices are great; I would love to see them go down more,” said resident Amber Wilson, 20. “It’s definitely helping my budget because I’m not having to pay as much for gas. I will have more money to spend for the holidays instead of putting it in my gas tank.”
The EIA reports that projections for future oil prices assumes that the OPEC production cut may limit, but not reverse, the recent sharp fall in oil prices.
The EIA projects that oil prices will remain relatively flat, averaging $60 to $65 per barrel throughout 2009.
Its report concludes that the condition of the global economy is expected to remain the most important factor driving world oil prices.
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history repeats wrote on Nov 25, 2008 9:50 AM: