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Energy

Gas Prices–Three Month Low

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By Douglas A. McIntyre Published
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Gas prices reached a three month low, according to the carefully watched Lundberg Survey. Prices nationwide for regular fell $3.7833 for the two weeks which ended May 19. This represented a drop of 6.1 cents from the two weeks prior. The data is based on a canvassing of 2,500 stations. Lundberg reports that prices peak the two weeks which ended April 6 when they were only 4 pennies short of $4.

AAA Fuel Gauge data supports Lundberg. It showed yesterday’s price for regular gas based on the nationwide average at $3.689 down from $3.727 a week ago and $3.871 a month ago. The national average for a gallon of premium has finally dropped below $4 at $3.991, AAA reports.

As the summer driving season begins next weekend, prices were supposed to rise. But, WTI crude is below $92 and falling. Less than three months ago, the price was higher by more than $10. Based on anecdotal evidence, oil demand from China has fallen. Of course, the recession in Europe has killed oil demand as well.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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