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MarketBeat (WSJ Blog) – Gas Prices Down 13 Weeks; Longest Streak Since 2008

Gas prices fell in the past week for the 13th straight week, something that hasn’t happened since a 15-week streak that ended in December 2008: Dow Jones’ Jerry DiColo reported:

The national average price of retail diesel fuel fell 3 cents to $3.648 a gallon in the week ended Monday, the U.S. Energy Information Administration said. Prices are the lowest price since Feb. 21, 2011, and are 20 cents below a year ago. Diesel dropped for a 12th straight week, falling 50 cents since early April in the longest losing streak since a 14-week decline ending in early January 2009…The latest price puts retail diesel at 23.4% below the record high level of $4.764 a gallon hit on July 14, 2008. Back then, diesel carried a premium to a year earlier of $1.875 a gallon as crude oil prices soared to record highs near $150 a barrel.

Source: Bianco Research

Category: Think Tank

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3 Responses to “Gas Prices Down 13 Consecutive Weeks”

  1. Rick Caird says:

    Would this decline not be reflective of the deflation first Mish and John Maulden talk about? And, would that deflation be a prelude to a coming recession?

    As I recall, these decline in diesel and gas prices are also accompanied by a decline in usage, too.

  2. ezrasfund says:

    Is $3.25 a key level? Now that the Iraq War is over and those folks are again pumping with abandon we may see a long term effect on oil prices. I have always wondered about the days of the Iraqi oil embargo. Back then there was so much oil leaking out of Iraq “illegally” that real supply always exceeded official supply numbers, and prices dropped to $20/barrel. I am not usually a big fan of conspiracy theories, but I have to wonder whether this gave a bunch of Texas oilmen another incentive to go to war.

  3. victor says:

    Price decline…must be those speculators and Big Oil at work again. When will we see Chuck Schumer’s show trials in reverse?