Good News: Gas Prices are Falling and Here’s Why

I was certainly not complaining when I filled by tank yesterday for $3.12 at the Cumberland Farms in Norway. That's with a 10 cent discount that they offer with membership, but it's still a significant drop in recent weeks. It got me wondering why there's a sudden drop in gas prices with all the turmoil in the world right now. 

According to U.S. News and World Report, there are a number of reasons for the drop to the lowest prices we've seen in four years. One is that it's the end of the summer. People are travelling less so there is less of a demand for gas. The good old rule of supply and demand means prices go down.

Another reason is that we've beefed up our production of oil here in the U.S. With the ability to rely less on foreign oil, the price drops.

A third theory I've seen floating around on social media is that it's an election year and prices always drop leading up to elections in an effort to make voters comfortable with the economy as they head to the polls. That same theory says that after the elections are over that the price will go back up.

Well whatever the reason, it's low now and I'm going to enjoy it while I can. The days of me filling my tank for $10 in 1990 are long gone just like Milli Vanilli, but filling it for just under $30 is a nice feeling.

What's the lowest price of gas you've seen and where? Let us know in the comments below or on Facebook and Twitter using the hashtag #mainegasprices.