Las Vegas Sun

December 3, 2008

Vegas gas prices fall 50 cents from record high

By Tim Richardson

Wed, Aug 20, 2008 (7:58 a.m.)

Sun archives

Beyond the Sun

After weeks of steady declines, the average price of a gallon of gasoline has fallen about 50 cents from its peak two months ago.

Auto club AAA reported today that regular unleaded gasoline was selling for an average of $3.782 a gallon in the Las Vegas area. That's down from the record of $4.279 a gallon on June 21.

One month ago, motorists were paying $4.17 for a gallon of gasoline, although today's prices are still more than $1 higher than the $2.754 drivers were forking over a year ago.

Gas prices in Las Vegas are slightly lower than the Nevada average of $3.835 a gallon, AAA reported.

The national average was $3.717 a gallon today -- down from $4.114 on July 17. Nevada's neighbors to the west and east -- California and Utah -- joined Alaska and Hawaii as the only states where gas remained above $4 a gallon today.

The nation's cheapest gas can be purchased in Missouri, where drivers are filling their tanks for $3.484 a gallon.

Discussion: 6 comments so far…

  1. By azsk8fan
    8/20/08 at 8:13 a.m.
    Suggest removal

    So now that they've taken the out of this world inflated prices and lowered them a tad we are supposed to what, feel grateful? Mission Accomplished (I suppose)

  2. By jfnance32
    8/20/08 at 8:57 a.m.
    Suggest removal

    Demand always fall during fall and spring.

    Demand goes up during winter and peak demand is during the summer.

    Expect prices to go back to $4.50 or higher next summer unless there is a significant recession in China, India or/and US which would reduce demand.

    Until a good safety margin of supply that is above demand is restored then the price of gas will be high during the summer peak demand period.

    Locking up trillions of dollars of oil and gas has hurt us, is hurting us and will continue to hurt us.

    High gas prices is killing jobs in Las Vegas.

  3. By alexant
    8/20/08 at 4:44 p.m.
    Suggest removal

    $2.50 is more likely than $4.50 by next summer. The commodity bubble has already begun bursting and demand destruction + monetary deflation are reliable price suppressors. Then again, so many people will be out of work and eyeball deep in debt by next summer that $2.50 will "seem" equally as expensive.

    What will be really funny is when the relief hits and people start going out and buying SUVs again (100% financed of course), just in time for the next, even bigger price spike. LOL.

    I've already noticed traffic starting to increase a bit in the city. Happy motoring asphaltopia is back! Cheap oil forever! Let the good times roll.

  4. By thebs
    8/20/08 at 4:48 p.m.
    Suggest removal

    It must be all that off-shore drilling we're doing!

    Oh, wait.

  5. By Lenny_V
    8/21/08 at 5:09 a.m.
    Suggest removal

    Going back to $2.50 a gallon? Dream on guy.

  6. By azsk8fan
    8/21/08 at 10:04 a.m.
    Suggest removal

    But still, we are EVER so grateful, right?????

Post a comment

Commenting requires registration.

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Full comments policy.

Username:
Password: (Forgotten your password?)

OR Create an account (It's free)

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar

22nd Annual Downtown Hoedown at the Fremont Street Experience

22nd Annual Downtown Hoedown at the Fremont Street Experience

(6 p.m. to 11 p.m. Fremont Street Experience)