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More signs suggest that gasoline prices may already have peaked

LA Times -- Only once in the last 20 years have gasoline prices peaked before mid-May. Oil prices haven't been that remarkably predictable, but one could usually expect them to peak sometime during the U.S. summer driving season, experts say. But in 2012, the old patterns don't seem to apply.

The U.S. average for a gallon of regular gasoline has dropped steadily since April 5, when it reached its high for the year, so far, of $3.926 a gallon, according to Marie Montgomery, a spokeswoman for the Automobile Club of Southern California. The current national average is $3.816 a gallon, down 0.3 cents overnight and down 4.2 cents since last week.

U.S. gas prices haven't peaked before mid-May since 1998, according to Energy Department records.

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Submitted Apr 30, 2012 By: sdbaroon

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WalRus49 Champion Author Boston Posts:4,070 Points:867,890 Joined:Nov 2010	Message Posted: May 1, 2012 9:38:53 PM Ignore WalRus49 Report Abuse More organized mayhem and pillage.............
335d1 Champion Author Virginia Posts:2,376 Points:758,070 Joined:Feb 2011	Message Posted: May 1, 2012 4:13:44 AM Ignore 335d1 Report Abuse Let's see what happens towards the end of the month.
matman01 Champion Author Detroit Posts:14,833 Points:1,959,860 Joined:May 2007	Message Posted: May 1, 2012 3:48:36 AM Ignore matman01 Report Abuse We can only hope that this is the case!
N5EXY Champion Author Austin Posts:5,490 Points:1,509,590 Joined:Jul 2004	Message Posted: Apr 30, 2012 10:58:50 PM Ignore N5EXY Report Abuse I saw a cardboard sign on a street corner that said gas was too high for the mendicant holding it.
anascom Champion Author Hamilton Posts:1,593 Points:553,115 Joined:Feb 2011	Message Posted: Apr 30, 2012 10:47:31 PM Ignore anascom Report Abuse hmmmm
eomc17 Champion Author Tucson Posts:1,822 Points:134,145 Joined:Mar 2007	Message Posted: Apr 30, 2012 10:20:49 PM Ignore eomc17 Report Abuse Gas prices are still outrageous, just like last year. Guess the speculators won't mind four more years of Obummer. I however am not voting for that hypocrite again.
JohnofGB Champion Author Flint Posts:5,421 Points:1,096,195 Joined:Feb 2010	Message Posted: Apr 30, 2012 9:56:00 PM Ignore JohnofGB Report Abuse For now.............
Jeff4U Champion Author Atlanta Posts:8,749 Points:1,852,145 Joined:Nov 2004	Message Posted: Apr 30, 2012 9:37:47 PM Ignore Jeff4U Report Abuse I don't know what "signs" they're seeing, but crude is still high and hovering at $104.77 per barrel at the moment. Wholesale gasoline is $3.11 and holding. Neither have been decreasing for the last week or so.
must87searcher Champion Author Maryland Posts:8,979 Points:1,779,615 Joined:Apr 2008	Message Posted: Apr 30, 2012 9:16:25 PM Ignore must87searcher Report Abuse There is still a chance that things, like the price of gas, can change.
WalRus49 Champion Author Boston Posts:4,070 Points:867,890 Joined:Nov 2010	Message Posted: Apr 30, 2012 9:10:52 PM Ignore WalRus49 Report Abuse Bunk! More organized mayhem and pillage...............
roadrunnin Champion Author Richmond Posts:1,749 Points:564,160 Joined:May 2008	Message Posted: Apr 30, 2012 8:17:02 PM Ignore roadrunnin Report Abuse we haven't gotten to mid may yet, so let's not assume anything yet
PDQBlues Champion Author San Diego Posts:7,069 Points:1,447,350 Joined:Jan 2009	Message Posted: Apr 30, 2012 8:03:47 PM Ignore PDQBlues Report Abuse You mean, besides the fact that gasoline prices have fallen about 20 cents? An article with 20/20 hindsight.
esq262 Champion Author Asheville Posts:2,897 Points:647,515 Joined:Jul 2011	Message Posted: Apr 30, 2012 7:46:56 PM Ignore esq262 Report Abuse Good news.
Wanda127 Champion Author Florida Posts:2,494 Points:914,030 Joined:May 2010	Message Posted: Apr 30, 2012 7:20:19 PM Ignore Wanda127 Report Abuse Hope they have peaked for the year. This means the prices should keep going down the rest of the year.
ccf_jeff Champion Author St. Louis Posts:15,280 Points:2,563,600 Joined:Sep 2005	Message Posted: Apr 30, 2012 7:08:23 PM Ignore ccf_jeff Report Abuse If it did already peak, and that's still a pretty big if, it will have been largely due to the Iran situation. There was a big war premium which pushed up prices abnormally early, and induced Saudi Arabia, with some U.S. arm twisting, to open up a well or two that had already been capped and to pump up supply as high as possible. That, of course, has been pushing prices down ever since, as that additional oil flows through the supply channels. Unfortunately, I don't think that ramped up (cheap) supply is sustainable long term. The Saudis have been forced to use techniques to keep the oil flowing from wells that have been pumping millions of barrels a day since the 1950s that may cause very rapid decline when they finally reach the end of their useful lives. Some geologists & oilmen say there is some evidence that they're having to become more and more aggressive to keep the flow rates up and may have little to no room to ramp up supply any more even now, and those rates may decline even with some of the heroic measures they're already taking, like pumping seawater into the wells to help float out oil in some of the lower reaches of those wells. I guess we'll see, but there's no guarantee they won't run into the same issues Mexico did with some of their giant wells which went into rapid decline.
DerHahn Champion Author Illinois Posts:13,704 Points:2,113,160 Joined:May 2004	Message Posted: Apr 30, 2012 7:03:55 PM Ignore DerHahn Report Abuse it hasn't peaked. just lowered a bit before the next rise. the conditioning continues. prices will stay on this roller coaster as long as those effecting the prices are allowed to get away with it. [Edited by: DerHahn at 4/30/2012 10:04:44 PM EST]
Charley_7 Veteran Author New York Posts:293 Points:206,455 Joined:May 2011	Message Posted: Apr 30, 2012 6:45:59 PM Ignore Charley_7 Report Abuse Wait and see.
TomT2Lee Champion Author Cincinnati Posts:5,357 Points:1,597,230 Joined:Sep 2005	Message Posted: Apr 30, 2012 6:29:10 PM Ignore TomT2Lee Report Abuse People on the Hindenburg saw the landing zone and believed the trip was another safe one.
alterman156 Champion Author New York Posts:7,485 Points:1,556,775 Joined:Dec 2008	Message Posted: Apr 30, 2012 6:05:03 PM Ignore alterman156 Report Abuse I have seen some stations cut their price for gasoline.
coughlin Champion Author San Jose Posts:5,180 Points:1,116,890 Joined:Sep 2009	Message Posted: Apr 30, 2012 6:00:26 PM Ignore coughlin Report Abuse We'll see.