Gas Prices Will Go Back Up... Slowly

Posted on January 9, 2009 by LCT Magazine

PRICE TRACKING: Gasoline prices have increased 10% in the past week, but don't expect it to go right back to $4+ a gallon anytime soon. Analysts expect fuel prices to continue climbing, possibly back to where they were in the summer, but not in the short-term future. Dramatic reduction in fuel consumption and purchasing has caused the price drop, and it's similar to everything else shaping the global economy these days. Houses, stock shares, new vehicles, and retail consumer products are way down in price, just like gas. All of this will stay low until individuals and organizations choose to start spending more. Everybody is holding back now and cutting back expenses, afraid of losing jobs, investments, houses, lifestyles, you name it. Cheap gasoline isn't enough to motivate fuel consumption increases yet. This will all change, when people decide to start spending.  -- J.L.

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