Posted in: Gas Prices,
by Patrick DeHaan on Dec 16, 2012 04:16 PM
Gasoline prices have continued to crumble around the country bringing the number of major cities seeing average prices under $3/gal to nineteen.
Average gasoline prices have dropped under $3/gallon in the following cities: Tulsa, Spartanburg, St. Louis, Tuscon, Greenville, Lubbock, Oklahoma City, Ft. Worth, Little Rock, Knoxville, Dallas, Santa Fe, Myrtle Beach, Evansville, Memphis, Waco, Columbia, Kansas City, and Chattanooga.
To top it all, two states now feature average prices under $3/gal: Missouri and Oklahoma, with South Carolina on the verge of becoming the third state in the next few days.
While the drop certainly has been well noted by major media outlets who in some cases have been calling this a "gas price crash", I'd like to take this moment to pop everyone's balloon: gasoline prices still could set all time record highs for Christmas Day.
For example- the national average still is higher than it was a year ago. Is $3/gas really something that can be coined a "gas price crash"? I certainly don't believe so. What we're witnessing at the pump is merely a phenomenon that is well known to analysts: the seasonal cooling of gasoline prices. While certainly not as thrilling as the running of the bulls, it may be equally predictable in that the event happens seemingly year after year- or at least since the economy has been coming back to life since 2008.
So while it is excellent that gasoline prices have dropped, I'm certainly not on board with this being dubbed a "gas price crash". Call me a grinch, call me a realist, call me what ever you may. After all, I'm still a motorist... and one of the few apparently that remember gasoline prices have never been this high this time of year.