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GasBuddy News Article

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Gas prices, now averaging $3.92 a gallon, may have peaked

USA Today -- This year's surge in gasoline prices appears over, falling short of the record highs some had feared heading into peak summer driving season.

Prices have held at a national average of $3.92 a gallon the past week, below 2011's $3.99 high and July 2008's record $4.11.

"By the behavior of the market, things are just running out of steam," said Patrick DeHaan, senior analyst for price tracker gasbuddy.com. "Barring any major event — refinery problems, Iran — I think prices have peaked."

DeHaan said the national average could dip to $3.70 a gallon by early May. Typically, prices peak shortly before Memorial Day.

Providing relief at the pump: slumping crude oil and wholesale gas prices and lower consumer demand. Benchmark West Texas Intermediate crude oil fell 1.4% to $101.02 barrel Tuesday


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Submitted Apr 11, 2012 By: brbaritone
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Gas prices, now averaging $3.92 a gallon, may have peaked Back to Topics
REPLIES (newest first) Post a Reply
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RonTheRunner77
Veteran Author Michigan

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Message Posted: Apr 11, 2012 9:42:07 AM

it's on it's way down here !
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glorioussnookie
Champion Author Tennessee

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Message Posted: Apr 11, 2012 9:07:57 AM

I sure hope they have!! I honestly don't see how we could have taken any higher prices! we are all in the poor house now through these prices!

Air Hugs from Paris, TN!! TOL!!!
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gs7101
Champion Author San Antonio

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Message Posted: Apr 11, 2012 7:42:34 AM

Let's hope so!
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MontanaMac
Champion Author Washington

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Message Posted: Apr 11, 2012 7:38:51 AM

Another WAG contrary to recent history and evidence.
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knutzAL
Champion Author Alabama

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Message Posted: Apr 11, 2012 7:32:49 AM

In Birmingham we have seen a very small drop, @ 4 - 3 cents a gallon, in the past three days! Maybe Bammers energy policy is finally working!
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blupupher
Champion Author Houston

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Message Posted: Apr 11, 2012 7:31:45 AM

lets hope so
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car253
Champion Author Ohio

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Message Posted: Apr 11, 2012 6:58:42 AM

Another W.A.G.
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TruthMatters
Champion Author New Jersey

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Message Posted: Apr 11, 2012 6:56:12 AM

That's certainly good news (if it turns out to be true) for the short term, but we still need to be off the oil addiction that continues to plague us.
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angel4me
Champion Author San Jose

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Message Posted: Apr 11, 2012 6:01:25 AM

just beginning its rise !!!
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jrs4125
Champion Author Indiana

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Message Posted: Apr 11, 2012 6:00:07 AM

Gouge the consumer until they say uncle, or until they have to choose between getting to work or paying their mortgage. NO controls needed here.
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cdrrod
Champion Author Wisconsin

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Message Posted: Apr 11, 2012 5:56:20 AM

Ay what you will, it's still a roller coaster ride with our wallets...
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EricBrazil
Champion Author Miami

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Message Posted: Apr 11, 2012 5:54:48 AM

Fluffy article
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GingoutMD
Champion Author Maryland

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Message Posted: Apr 11, 2012 5:46:20 AM

"Peaked" implies there is a downward trend next. Not until I see the prices going down steadily will I believe that.
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humblepie
Champion Author Toledo

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Message Posted: Apr 11, 2012 5:38:28 AM

false hope
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dorisntx
Champion Author Fort Worth

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Message Posted: Apr 11, 2012 5:36:40 AM

ok
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gazprize
Veteran Author Toronto

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Message Posted: Apr 11, 2012 5:31:44 AM

hopefully
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sailfreeMI
Champion Author Michigan

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Message Posted: Apr 11, 2012 5:30:31 AM

Let's hope so.
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Yooperheart
Champion Author Michigan

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Message Posted: Apr 11, 2012 5:26:19 AM

So we are to get a slight reprieve till Memorial weekend.
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Rockinrobby
Veteran Author Tallahassee

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Message Posted: Apr 11, 2012 5:21:01 AM

opinions...everybody's got 'em.
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Joeski1
Champion Author New Jersey

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Message Posted: Apr 11, 2012 5:20:13 AM

no... hasn't peaked yet.....

they want the magic $4 mark so we can all get used to it for a a while...

then $3.50 will look like a big break...

the oil industry is simply 'playing' the public.....

get used to being used....

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Pozole
Champion Author Portland

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Message Posted: Apr 11, 2012 5:15:50 AM

...HA !...the last article on which I commented said gas up another 6% by summer...I'd rather believe this article, BUT...
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ggt49
All-Star Author Grand Rapids

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Message Posted: Apr 11, 2012 5:11:25 AM

Don't bet on it. Speculators will find a reason to keep prices high.
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johntxx
Champion Author Texas

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Message Posted: Apr 11, 2012 5:09:58 AM

Let's hope so. I'm ready for falling gas prices.
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nfldude
Champion Author San Diego

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Message Posted: Apr 11, 2012 5:02:26 AM

election time
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Rockyguitar
Champion Author Tampa

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Message Posted: Apr 11, 2012 4:57:12 AM

"May have peaked" Not sure about this one.
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el_fr
Champion Author Massachusetts

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Message Posted: Apr 11, 2012 4:50:01 AM

Maybe for now is all
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JohnofGB
Champion Author Flint

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Message Posted: Apr 11, 2012 4:50:01 AM

They should have never gotten that high to begin with given the abundance of crude.
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pscamp
Champion Author Ottawa

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Message Posted: Apr 11, 2012 4:44:33 AM

PLease.....
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OTISFL
Champion Author Pensacola

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Message Posted: Apr 11, 2012 4:44:26 AM

HIGHLY DOUBT THEY HAVE PEAKED--just look at the gas prices and they aren't going down.
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brbaritone
Champion Author Virginia

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Message Posted: Apr 11, 2012 4:44:13 AM

The article continues:

a two-month low on fresh signs that U.S. oil inventories are rising and another selloff on Wall Street.

In a Tuesday forecast, the federal Energy Information Administration predicted prices will average $3.95 a gallon through September and could peak at $4.01 in May. But those estimates reflect crude oil at $110 a barrel. EIA is forecasting a bit of a break in 2013 prices — $3.73 a gallon. That's 8 cents lower than this year's $3.81 average, but 20 cents higher than 2011 prices.

Signs that the global economy is slowing should keep a lid on short-term prices, said Telvent energy editor Brian Milne, who notes that crude oil imports in China fell 6% in March.

There's also optimism that the political tensions with Iran — which boosted crude oil prices by $15 to $20 a barrel on speculative trading — could soon ease, Milne said.

Gas prices in some of the nation's priciest markets, such as Los Angeles and Chicago, have already dropped 12 to 20 cents a gallon.

That adds "confidence that the overall market is heading down," said industry tracker Trilby Lundberg of the Lundberg Survey. "Even if demand were to surge, we have flush supplies, a lot of refining capacity and repeated assurances that Saudi Arabia would step in and hike production if there are problems with Iran."

Tom Kloza, of the Oil Price Information Service, said gas prices could spurt on unexpected news, but says fears of skyrocketing prices are unfounded. "Perhaps its time to call out all of those false prophets who thought that $5 gas was a certainty," he said.
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