# What's up with the gas prices?
**URL:** https://boards.straightdope.com/t/whats-up-with-the-gas-prices/70659
**Category:** Factual Questions
**Created:** [June 29, 2001, 9:10pm UTC](https://boards.straightdope.com/t/whats-up-with-the-gas-prices/70659 "2001-06-29T21:10:50Z")
**Posts on this page:** 5
**Page:** 1
### Author:  [@Enderw24](https://boards.straightdope.com/u/Enderw24)
#### Post date: [June 29, 2001, 9:10pm UTC](https://boards.straightdope.com/t/whats-up-with-the-gas-prices/70659/1 "2001-06-29T21:10:50Z")
In the past week, maybe two, gas prices have dropped from 1.69 to 1.21 a gallon. What’s up with that? I’m not complaining, I’m merely asking, what’s up with that?
Did they find new gas? Was there a huge pit of dead dinosaurs that the Crocodile Hunter discovered? Were they always overcharging us and the government finally stepped in and put and end to it? Were they charging us at the right price and now they’re losing money? Are we using 33% less gas than we were 2 weeks ago and now there’s a surplus?
I just don’t see how rates could drop that quickly on a daily basis. Someone have some info?
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### Author:  [@AETBOND417](https://boards.straightdope.com/u/AETBOND417)
#### Post date: [June 29, 2001, 9:23pm UTC](https://boards.straightdope.com/t/whats-up-with-the-gas-prices/70659/2 "2001-06-29T21:23:25Z")
[Good site](http://www.fuelgaugereport.com/).
It seems the prices have dropped 19 cents in the 30 days (since the peak). Judging by the chart, we’re in for a little more of a price cut. The cost of crude has been rising slowly for a while, but wholesale prices (which had been skyrocketing for a while, those jerks) are now falling at the same speed. This, in turn, is bringing retail prices down at the same rate. 🙂
As for why… I have no clue. The news has said nothing to my knowledge. Judging by the graph of the crude oil price I’d just say the gas companies are letting up because they’re such nice guys. :rolleyes:
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### Author:  [@AETBOND417](https://boards.straightdope.com/u/AETBOND417)
#### Post date: [June 29, 2001, 9:26pm UTC](https://boards.straightdope.com/t/whats-up-with-the-gas-prices/70659/3 "2001-06-29T21:26:34Z")
Dang, I should have looked a little longer.
[Here’s the article you want.](http://www.aaa.com/news12/Releases/Fuel/fuel01.html)
> [@](#):
>
> The nationwide average fuel price has been declining since the end of the Memorial Day weekend as overall inventories of gasoline have increased. Recent flooding in southeast Texas has created some refining problems, however, which could negatively impact gasoline production in the short-term.
Alright.
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### Author:  [@sethdallob](https://boards.straightdope.com/u/sethdallob)
#### Post date: [June 29, 2001, 11:56pm UTC](https://boards.straightdope.com/t/whats-up-with-the-gas-prices/70659/4 "2001-06-29T23:56:36Z")
Earlier this week gas inventories climbed to 6% above the normal level, as opposed to 12% under the normal level last month. In addition, OPEC decided not to reduce output. High supply, equal demand = lower prices.
Believe it or not, it’s not a scam.
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### Author:  [@jab1](https://boards.straightdope.com/u/jab1)
#### Post date: [June 30, 2001, 12:52am UTC](https://boards.straightdope.com/t/whats-up-with-the-gas-prices/70659/5 "2001-06-30T00:52:14Z")
Okay, check out [California.](http://www.fuelgaugereport.com/CAmetro.asp) In Los Angeles, gas has gone down about 10 cents in the last month, but it’s still around $2.00 a gallon.
And people wonder why I don’t own a car.