Gas Prices Post Biggest Drop in Four Years
Hurricane Sandy may have wreaked havoc on the Eastern seaboard, but its aftereffects are providing drivers all over the country with a bit of relief at the pump.
According to the Lundberg Survey, which tracks gasoline prices nationally, on November 2 the average price of gas was $3.55 a gallon, down 20.75 cents from October 19. That two-week decline represents the biggest price drop in four years.
Trilby Lundberg, the editor of the survey, explains that there is now less demand for fuel in the areas hit by Sandy because gas stations aren’t able to get as much fuel as they usually can. While this might normally result in these gas stations raising their prices in a way that would prevent them from running out of fuel, this time they can’t because it could put them at risk of price-gouging prosecution.
Less overall demand for gas leads to price declines nationwide. Lundburg added that standard seasonal factors also contributed to the drop.