Gas Prices seen headed lower at the pump

Gas Prices seen headed lower at the pump

By: Mihir Palan

As the sun beats down and the cool air rushing, a lonely car, soon followed by the whole world was driving to their nearest gas stations to get his gas with a new surprise. It was thought that the gas prices were going to be $5 at the start of summer, but the prices are ticking lower and lower every week in April. This concept started by one of the future companies traded in New York. Their company (has been put to anonymous because of copyright) has dropped thirty cents, going from over $3.40 per gallon at the beginning of April to $3.10 on Wednesday. The local gas pumps right now are $3.84, an 11 cent decline from the start of April. Some financial scientists think that the dropping prices will follow throughout the USA.

The main reason for declining prices is the decreasing prices of Brent oil (the main ingredients of gasoline). Brent oil went from $125 to $120, a huge difference in the financial market. Another reason is the slowing of the economy. “We are definitely going to see even lower gas prices soon” said David Schork, publisher of the Schork Company.

Don’t get your hopes up just yet, because in the East Coast of USA and Europe the gasoline stockpiles are getting dangerously low. I asked UO business graduate Ankit Palan on what he thinks of the decreasing of gas prices. “The lowering of gas prices would do well for the economy because it saves more money, but because resources are limited and the demand is high, I believe this is unlikely. However, I think that if car companies produced more eco-friendly cars, we wouldn’t have the issue to begin with.” he said, “but as a consumer, I would want to lower gas prices because I then have more money to buy goods that I want.”

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