Gas Prices-Will They Ever Go Down?!

It’s kind of hard to ignore the rapid increase in gas prices when it affects your finances. It’s also obvious that gas for our cars is a necessity. Most everyday activities involve transportation, which involve gasoline. According to an article written in 2007 on MSN.com , the national average gas prices are $3.22 per gallon. Chevron gas in Las Vegas is currently $3.31 dollars per gallon near the UNLV campus. According to this article, the lowest gas price around this time of year was $3.01 in South Carolina and Indiana at the highest with $ 3.46. This article also mentions that the average consumer is spending $1,000 more on gas than in previous years, according to the Consumer Federation of America.

Even one penny increase on a gallon of gas affects consumers. Cameron Hanover analyst Peter Beutel says, “Every penny increase in the price of gasoline costs American businesses and consumers $4 million [per day.] If people telecommute one day a month or commute with one person twice a month, we would have gas demand down 4%, instead of up 1%.”