Gas Price Surge Of 2012 Is Over?

Over the last few days many news sources were chanting that the gas price surge of 2012 was over. They quoted Patrick DeHaan, senior analysts for gas buddy.com, who said, “By the behavior of the market, things are just running out of steam”… unless there is a major political event to reverse things, he thinks prices have peaked. Many websites are carrying this story and I’d be thrilled if he’s correct, $4 is plenty for my wallet.

2005 Wrangler window sticker EPA estimate.

With a little digging I did find alternative views, including the federal Energy Department that predicts that prices will still be 6% higher during the peak driving months of April–September 2012. These predictions are based on higher crude oil, which is down a little as I write this.

I don’t follow crude oil prices, I follow the price at the pump and the miles from each gallon, something I have some control over through careful shopping and driving. I hope the fuel surge is over, all of us would welcome fuel below $4, and below $3 would seem relatively inexpensive these days.

Anyone holding their breath waiting for a return to sub $3 gas?

Copyright © 2012 James Langan

7 thoughts on “Gas Price Surge Of 2012 Is Over?

  1. Since I posted my comment, gas went down .04 a gallon at our cheapest stations and in the local area gas has dipped below $4 ($3.979) for the first time since January.

    • Our neighborhood cheapest station has been up and down for the past few days… $3.98, $3.92, and today back up to $3.96. Sometimes changing a couple times in one day.

  2. Yeah sure.sub $3 gas? and rainbows and Unicorns are flying around Washington DC.

  3. Good news ! I sure hope it has peaked, but am not holding my breath either 🙁

  4. Gas has come down…a little. In the last 4 weeks, it’s come down about a dime where we live. Currently, $4.179 is the cheapest station in our city. I won’t hold my breath for $3 again, but for every .10 a gallon prices go down, I save $2.50 a tank (which of course means if it went down a $1, I’d save $25 a tank!).

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