Don’t Get Too Excited About Falling Gas Prices

by Categorized: Data, Finance Date:

Gas prices in the Hartford area have dropped a nickel in the last week and more than a dime in the last month, giving motorists filling up with regular unleaded some comfortable distance from the sticker-shocking $4 levels of just a couple months ago.

Cause for rejoicing, right? Well, maybe not so fast.

Any drop in gas prices is welcome, but comparing today’s cost only against the super-inflated prices of the recent past can lead to a false sense of economy. Gas prices today are lower than they generally have been for the last year and a half, but as the graphs below show,  the current “low” price is historically very high.

In New England over the past 14 years, only two brief earlier periods have seen prices as high as they are today on an inflation-adjusted basis, according to data from the U.S. Energy Information Administration. And the national graph – with prices for a gallon of regular unleaded going back to the mid-1970s – shows current prices are nearly as high as they were, adjusted for inflation, during the gas shortages of the late 1970s and early 1980s.

Every penny counts, of course, but it may be premature to start planning that blow-out cross-country trip just yet.


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23 thoughts on “Don’t Get Too Excited About Falling Gas Prices

  1. Eat It Bill

    Bill, you’re selfish, period. $7 a gallon gas would destroy our economy and hurt certain individuals — like the working poor.

    We need to convert vehicles over to natural gas. It’s inexpensive — and cleaner than your terrible Prius — which is extremely eco-unfriendly given all the energy and environmental destruction that takes place during the sourcing of its raw materials (such as the nickel in its batteries) and construction.

    Kiss your Prius, indeed. Selfish. Just selfish and ignorant.

    1. Jennie

      Obviously Eat It Bill is one of the top 1% and can afford $7:00 a gallon, either that or he’s just full of it. BTW Bill, do you want to “Pay” for the fuel efficient cars for people? Don’t you think people would like to be able to go out and buy a fuel efficient car or maybe a electric car, but they can’t because the prices of the cars are absolutely outrageous and that includes the Prius. So stuff it!

      1. Bill

        Jennie: ..oh, and by the way, no, I am hard working like the rest with my own micro business. My Prius is used and even then, I got a great deal on it.

        Do you want to buy a Prius? I’ll hook you up.

        I never pay retail, LOL. I am a frugal and smart shopper. But thanks for thinking so highly of me by placing me in the 1 percent category. I’m working at it.

        1. Bill

          I never knew that having a Toyota was a status symbol. I have owned them all my life. The Toyota I purchased had 100,000 miles on it and is a 2006. So you see, I am not a snob after all. But I still like symbolically kissing my prius when ever I get in it. Maybe I should break it in as I did with my very first Toyota in 1981. I made love to my then girlfriend in it in Elizabeth Park.

          On 2nd thought, my bones would break.

  2. Sam

    The dollar is already dead, US just doesn’t know it yet. When the dollar falls which I believe will happen before 2016, you will see complete economic and social breakdown.
    The reason for this is 2 reasons mainly, indefinite printing of money by the Fed and a lot of the countries of the world have stopped using the dollar to buy and sell their goods. When the Fed decides to raise interest rates, dollar collapse is imminent.

    1. Bill

      Hey Uncle Sam… stop your paranoia. We still retain the ability to economically correct. We will not fall but we will need to sacrifice.

      1. Sam

        I’m not paranoia, anybody that doesn’t recognize what is going on, either has their head in the sand or doesn’t care to research. Did you know that Obama voted into law NDAA which takes away our core First Amendment rights and fundamental Equal Protection liberties.

        Look this up for yourself:
        QE1, QE2, and QE3 all was a bunch of baloney, the Fed agreed with the 4 major banks (JP morgan, goldman sachs, BOA, and citibank) to invest in the Derivatives mkt, not the US economy.

        Bank exposure to derivatives mkt:
        Jp Morgan-71.1 tril
        Citibank-52.1 tril
        BOA-50.1 tril
        Goldman Sachs-44.2 tril


  3. Bill

    Ok, beat up on me if you want. It was a bad comment But I owned a crown Victoria for 5 years before my Prius. I enjoy my Prius.I get up to 50 miles to the gallon. I used to agonize when my crown only got 11 miles in town.

    European are accustom to paying around $7.00 per gallon and they produce fuel efficient automobiles. We should do the same.

    Eat it Bill; Yes you are correct that higher prices would hurt the working poor. My comment, poorly stated as it was, really was directed at our inability to create extremely fuel efficient cars.

    I accept the criticism. Sorry. I still love my prious and I never liked driving my crown.

      1. Bill

        Hey Finko, And I don’t care what you think. I love my Prius. And I would like to see gas go up to $7.00 a gallon in order to force auto companies to build fuel efficient autos. Then the consumer can buy mostly 50 or 60 mpg cars.

  4. american eagle

    Bill you should look up what Sam is talking about. He’s spot on. Are you related to the Energy Secretary ? He wants 7-9 dollar gas.

  5. Sam

    Everyone needs to understand that the worst thing that has happened is media censorship. Collapse of the dollar has been planned for at least 20 yrs maybe more. You may not believe it, but the media is not telling the real story about Sandy Hook, sounds like false flag event to justify to take the guns away from the American people and to repeal the 2nd Amendment. History has a way of repeating itself. Go here to this Link and the title is true, No one can understand what has happened to the planet without reading this:

  6. Bill

    Sam: your off topic once again but I will answer your overly excited charges. Most often, the media will focus on anything that sells. Money is what drives the media. There is no conspiracy to deny information. At times, the media screws up big time as when W Bush led us to war in Iraq. The media swallowed it hook line and sinker. I sensed this evidence was soft at best and non existent at worst. I wrote about it in this newspaper criticizing Bush in 2002 and I was convinced that I had been placed on the no fly list as the new Homeland office was placing nuns and Amish members on the list.

    On the issue of guns and Sandy Hook; you must be either on medication or you are a child to believe that the media is out to get guns on account do Sandy Hook. No, I am waging a battle and joining like minded groups to move toward abolishing the 2nd amendment so that we can enact real gun reform.

    But it is not the media that is doing it. It is very sane people like myself.


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