Is it True A Gallon on Gas Less than $3? Experts say Yes!
Am I hearing this right? Gas in Grand Rapids could be less than $3 dollars a gallon soon?
That's what Patrick De Haan of GasBuddy is saying. He thinks gas could fall to $2.99 in the greater Grand Rapids area soon. However, one key operative word he used was "briefly!" Dang it!
For whatever reason, the demand for gas has fallen according to the Energy Information Administration. So, who cares, this is good news for us that prices are falling. We need that!
And that is also good news for retail sales where we are seeing some of these sales come back.
Julie Hyman wrote an article for Yahoo Finance and said:
"In the past few weeks, it is a Target, it is a Walmart, it is some grocery stores getting the lift from lower gas prices. As consumers get a little more of their money freed up, they can go into Walmart, into a Target, buy basic goods and buy some various food items. You've also seen a little bit of a lift to this quarter at Home Depot and Lowe's."
The price of oil has been falling for awhile now, even though it does go up and down, so there is that, too.
Sadly, however, we can't be lulled into a "hooray" type of mentality. The world is so volatile now that anything can happen.
If gas prices are falling now, they could easily pop back up again with Europe ready to implement more sanctions on Russia in December and the release of U.S. oil reserves ending in November that have help ease the price of gas.
It's so complicated, I know. But for now, happy filling your tank up.
LOOK: See how much gasoline cost the year you started driving