According to Triple A the average price of a gallon of regular is $2.05 nationwide, that’s more than a $1 a gallon lower than it was a year ago at this time.
If there’s one bright spot in this awful economy it’s the cost of gasoline. Weak demand for crude has kept prices at the pump at more modest levels. But for how long?
John Hofmeister, former Shell president and CEO of U.S. operations tells us you can probably count on reasonably low gas prices for some time – say at least 6 months.
That’s largely because “the refineries are operating about 80 percent,” he says, meaning that they can handle increased capacity if and when demand returns.
However, he also warns not to get too complacent. When the world’s economies do begin to grow again "we're all going to have whiplash on gasoline prices and we'll be right back where we were a year ago," he says.
And that leads to our Fast Money Reader Poll. When the economy recovers do you think gas prices will shot right back to $4 a gallon or higher?
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CNBC.com with wires