Published: September 21, 2009 10:42 pm      

Some relief

Gasoline prices should remain steady for a while

It wasn’t too many years ago that the average American would have been outraged at the thought of paying $2.50 for a gallon of gasoline. Today, we’re relieved — and almost delighted — when the price dips that low.

One year ago, the average price for a gallon of gasoline in Cumberland was $3.75. Only 10 years before that, gas averaged $1 a gallon, and it cost only 80 cents a gallon in 1979.

Several factors contributed to the sudden and dramatic rise in the cost of the fuel that drives our economy, starting with the hurricanes that ravaged the Gulf Coast refineries and supply lines in 2005.

Other factors have caused it to decline since its recorded average national high of $4.11 per gallon in 2008, chief among them the sad state of the economy and a much lower demand for petroleum products.

AAA says gas prices are likely to remain in the $2.50 range for the next few weeks because the summer driving season is largely over and the demand for gasoline will weaken.

Gas prices have fluctuated in recent weeks because there have been positive signs of economic recovery, but not enough to sustain an increasing price for crude oil.

A weakness in the world’s overall economy also affects the cost of oil, and other factors — including the possibility of a trade dispute between the U.S. and China — could also affect it.