In the midst of all the bad economic news, this has almost gone unnoticed -- but Kicking Tires has reported that gas prices dropped more this week than in any week since AAA began recording prices.
"Currently, the national average price is $3.12, according to AAA," they note. That's a 33-cent drop from the average price just one week ago. "With the price of oil below $80 a barrel, this price could come down even more over the next few weeks, bringing $3 gas back into sight."
USA Today adds, "Oil prices fell to a 14-month low Thursday," driven by "bad U.S. economic news," heightening "fears that a significant global economic slowdown will undermine demand for crude."
In fact, the price of oil is declining much faster than the price of gas. The Chicago Tribune explains, "Experts say gas prices climb like a rocket and slowly float downward like a feather because the industry can bolster its profit margins when oil costs less. Compounding this phenomenon was the recent shutdown of refineries in the Gulf of Mexico as Hurricanes Ike and Gustav struck, which squeezed gas supplies."
"Even at $3.12, though, gas prices are probably the one part of the economy people don't need to sweat right now," KT comments. "Car-buying trends still point to a decline in large SUV sales and an uptick in sales of efficient vehicles." With economic news continuing to point toward recession into 2009, those consumers who are car-shopping are still looking for vehicles that use little gas, and cost little to operate.
There are a few great buying opportunities in the fuel-efficient, small-car market right now. Research the best car deals for October to take advantage while you can
