Sept. 17, 2008- Crude Oil Price dropped below one hundred dollars per barrel for the first time in six months. While the average price for gasoline in the Syracuse area remains at five dollars and seventy five cents per gallon, it is still five cents below the national average, and there are signs that added relief at the pump may arrive soon.
According to Diana Dibble of AAA, of Western and Central New York, “If we have any worldwide situation that impacts crude it could go up, but traditionally this is the time of year we would see some easing at the pump.”
Recent events of last week , which had New Yorkers bracing for a sudden increase in prices, led instead to an optimism that the cost of gas will come down soon. A change in path of Hurricane Ike, brought the full force of the storm further south than expected. The shift in course in the final hours before striking landfall averted what could have been a damaging direct hit on the nation’s oil refining capacity.
Another indication of a future decline in gas prices, is the continuing decline in the U.S. economy. As the economy slows, businesses and people will lower their usage and place less demand on gasoline, causing prices to drop further.
According to Diana Dibble of AAA, of Western and Central New York, “If we have any worldwide situation that impacts crude it could go up, but traditionally this is the time of year we would see some easing at the pump.”
Recent events of last week , which had New Yorkers bracing for a sudden increase in prices, led instead to an optimism that the cost of gas will come down soon. A change in path of Hurricane Ike, brought the full force of the storm further south than expected. The shift in course in the final hours before striking landfall averted what could have been a damaging direct hit on the nation’s oil refining capacity.
Another indication of a future decline in gas prices, is the continuing decline in the U.S. economy. As the economy slows, businesses and people will lower their usage and place less demand on gasoline, causing prices to drop further.
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