Steep drop in Bay Area gas prices

August 11, 2008 5:01:32 PM PDT
The trend for oil prices has been downward and that's translated into new, cheaper prices at the pump. Gas is down almost 15 cents since the end of July.

According to a Lundberg Survey, in the last two weeks in California alone, the average price of gasoline dropped 30 cents a gallon.

For most of the summer drivers have been hit hard by skyrocketing gas prices. California residents often pay some of the highest prices in the country for gasoline.

The high gas prices sent drivers scrambling to buy more fuel efficient cars, so much so, that small car sales could hit 3 million this year. The big auto makers, G.M., Toyota and Ford are all saying they're struggling in some cases to keep up with the demand for the smaller cars. The automakers say they have not seen a run on small cars like this in more than two decades.

As far as how long we're going to see the cheaper gas prices - that's the question everybody wants to know. Analysts are predicting it may not last long due to the conflict between Russia and Georgia. They say it could cause the price of oil to go back up and cause us to pay more down the road for gasoline.


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