Gas Prices Dropping after Record Highs

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Energy analysts say consumers could be looking at a drop in gasoline prices over the coming weeks.

Recent prices at the pump soared to near record highs across the country early this month, especially in California.

Pump watchers say that as drivers reduce their demand during the cold winter months, we should see some relief from the sky high prices during September and early October.

An increasing supply along with an expected drop in demand means lower prices, according to

How low? Perhaps a plunge of 50 cents per gallon by February, which is welcome news for cash-strapped drivers.

In this election season, the high price of gas has literally been a topic of debate.

"We've also got to continue to figure out how we have efficient energy, because ultimately that's how we're gonna reduce demand, and that's what's going to keep gas prices lower," Obama said, responding to a question during the last debate.

"If you're paying less than you paid a year or two ago, well then, the strategy is working. But you're paying more," Romney countered. "When the President took office, the price of gasoline here in Nassau County was about a buck 86 a gallon. Now, it's four bucks a gallon."

The timing of the gas price forecast looks suspicious to some on Facebook, who see it as part of an effort to help President Obama's reelection campaign.

Even in California, where tough environmental restrictions and refinery and pipeline problems pushed gasoline over $5 a gallon, motorists can expect some relief.

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John Waage

John Waage

CBN News Sr. Editor

John Waage has covered politics and analyzed elections for CBN News since 1980, including primaries, conventions, and general elections. 

He also analyzes the convulsive politics of the Middle East.