How much can we expect gas to decrease????

Question

I'm located in the Washington DC area, and at one time gas was about 4.15, now gas is down to about 3.53, and this is only in the past 4-5 weeks. I was wondering if anybody had heard or anything or knows anything about how much gas is going to go down to or how long it is going to continue to decrease, and at what rate?

Answer 1

It may come down significantly in the short term, but it will go back over the long haul, especially if we do not change our behavior to reduce our dependence on foreign oil. The Pickens Plan is good, and we also need to keep pursuing other alternatives like elec cars, hydrogen, hybrids, etc.

Answer 2

Using trend lines and maximum percentage historical drops, Oil could go down to just under $100, with some short time  in the mid 90's.

OPEC says they will defend the $80/barell floor.

Every $1 decline in the price of oil equals about a 2.4-cent drop in the price for a gallon of gasoline.

that means a drop of about $1.20 from its maximum.

So if you saw $4.10,  you could see 2.90 for a few days.

But at $115, where the charts say oil belongs, that means a drop of about 50-70 cents from  your peak gasoline price for its new long term level.