Gasoline Prices Fall Rapidly

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By Trey Thoelcke Published
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Despite concerns that Hurricane Sandy might have hurt gasoline supplies and closed some refineries, gas prices continue to fall, and fall rapidly. According to AAA Fuel Gauge data, the national average cost of a gallon of regular came to $3.470. That was down from $3.543 a week ago and from $3.806 a month ago. Prices have fallen so quickly that only Alaska and Hawaii have average regular prices higher than $4. A month ago, several large states, including California, were above that threshold.

The price drop could not come at a better time. Economic growth faces the reaction of individual consumers and businesses to the so-called fiscal cliff. Most experts believe the reaction will be negative enough to drag on gross domestic product. The Congressional Budget Office has even forecast that gross domestic product could drop early in the year. Any factor that might mitigate a rise in taxes and a decline in government spending might provide just enough stimulus to keep the economy’s head above water, if only by a little.

Douglas A. McIntyre

Photo of Trey Thoelcke
About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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