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Have We Hit the Bottom with Gas Prices Yet? I Sure Hope Not!

By Sandy Shores FL Realtor®, Melbourne Real Estate

Real Estate Broker/Owner with M & M Realty of Brevard Inc. BK629999

November 10, 2008 08:02 AM

Well, as many of you know, I have had my eye on gas prices for quite some time now (as so many others have too).

I love to see that they have still been going down and I hope that they continue on the decline.

Here's what I have found in Melbourne Florida over only a three week period of time!

I took this picture today at 3:00 PM at my favorite station, close to my home. Today is November 10, 2008>

Have gas prices hit rock bottom yet?

At 4:00 today I drove back by and the price had gone down.

What's interesting about this is that I have been out with customers most of the day. I have been all over town and the average price for gas around here now is $2.25 to $2.29. Today, in my travels I did not see any stations that were even close to this low price...

Have gas prices hit rock bottom yet?

But, I also noticed this, which was the case the last time I noted that this was the cheapest gas around...

this was the case on every pump...

Have gas prices hit rock bottom yet?

This was the price at the same station one week ago on November 3, 2008>

Have gas prices hit rock bottom yet?

This was the price on October 26, 2008>

Have gas prices hit rock bottom yet?

This is the cheapest station I found in the area on October 17, 2008>

Have gas prices hit rock bottom yet?

It seems unbelievable to me that we have seen gas prices drop by 80 cents in three weeks!

Maybe, we'll get really lucky and watch them drop another 80 cents in three more weeks, but somehow I think that is just wishful thinking!

How far have gas prices dropped in your area?

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Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Jenn, I'm with you...let them keep coming down...that would be great!

Nov 10, 2008 08:34 AM

Fred Chamberlin

Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Hard to believe that we now think $2 a gallon is good. I still want it to come back to when I was a kid. 29.9 cents. Anyone with me?

Nov 10, 2008 08:34 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Tim, That is really incredible to me. Our gas here never got over $4.00 a gallon. That just goes to show you how overpriced it really was!

Nov 10, 2008 08:40 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Ron, Lucky you! Filling up your SUV for $40 = the good ole days, huh? They were overpriced because they could get away with it and people were willing to pay the price (and not cutting back).

Nov 10, 2008 08:41 AM

Team Honeycutt

Allen Tate - Concord, NC

Gas in our area has reached $1.99 and seems to still be falling. I hope it keeps up. It's awesome!!!!!

Chris

Nov 10, 2008 08:42 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Edna, You're the second one that has said that your price drop has been over $2.00 a gallon - I thought it was incredible that ours was 80 cent drop. Well, you must be tickled! I hope it will stay low, for all of us!

Nov 10, 2008 08:43 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Keisha, Oh, I'm always watching gas prices. You're right, it is depressing, but I still like to stay abreast of what I'm paying. I'd love to see you dance if you get below $2.00. Others here are already below $2.00!

Nov 10, 2008 08:45 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Matt, You bring up an excellent point! My husband said exactly the same thing - gas prices are dropping, how about the cost of goods and services dropping too ( but I think that may not happen). Thanks for stopping by!

Nov 10, 2008 08:46 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Tim and Pam, Wow you better buy a tanker full now at $1.85. That's the lowest I've heard anywhere! Incredible!

Nov 10, 2008 08:47 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hey Fred, How are you? It is funny how are perspectives have become so distorted over time. I remember 75 cents a gallon, but I'll admit, I don't remember 29 cents - but I suppose that prices are relative, also. Salaries were much different back then too. To dream of the past...

Nov 10, 2008 08:49 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Sandy, the prices came down when demand fell because the prices were too high! I hope this doesn't encourage everyone to run out and buy a big old SUV, because they'll go up again as soon as demand goes up!

Nov 10, 2008 09:13 AM

Justin Ukaoma

Vizion KC - Kansas City, MO

Kansas City Real Estate Investments

Gas is still falling here in Missouri. I saw $1.65 this afternoon. It's hard for me to believe that it will get much lower but then again I never thought it would get this low.

Nov 10, 2008 11:18 AM

Rich Mielke

REMAX Results, Frederick MD - Frederick, MD

REALTOR, Frederick Maryland Real Estate

Hi Sandy, gasoline in Frederick County Maryland is down to $2.05 a gallon as Costco and a few other places.

Nov 10, 2008 12:15 PM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Allen, Below $2.00 a gallon - that sounds great! I hope for our sakes it does keep on falling!

Nov 11, 2008 12:28 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Patrica, Supply and demand are what runs the economy. Great Point- there are some that may go out and get that SUV - ouch! I hope not. As much as I hate to say it, I'm dreading when we hit the bottom on gas prices - because you and I both know, then it will be time for them to go back up -(but how much?) I suppose we have to hang on for the ride!

Nov 11, 2008 12:31 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hey Justin, $1.65 in your area - wow that's unbelievable! I wish I were there! Enjoy it while you can! We'll have to see where it will go in time!

Nov 11, 2008 12:38 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Rich, $2.05 is great! And doesn't Costco give you a 3 cent discount if you put the purchase on their Credit Card. I know that Sam's and Walmart do. Sounds great! Have a wonderful week!

Nov 11, 2008 12:39 AM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Sandy - I've seen $2.11 in the Orlando area, I'm still angry that the oil companies were "socking it to us"... Record profits? They should be ashamed of themselves.

Nov 11, 2008 12:52 AM

Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Hi Debbie, $2.11 is great - maybe we'll see that here next week - I suppose the big oil companies can sock it to us because of our consumption. However, as we have recently found, consumption went down, so prices have come down. Let's hope it stays this way!

Nov 11, 2008 01:41 AM

Ron Tarvin

Residential, Investment properties, rehab projects, property management, luxury homes, new construction! - Katy, TX

Broker, Katy, Houston, Cypress 77450,77494,77095

WOW! Down to $1.79/gal today in the Katy area (at least in a couple of stations). I've got a LOW GAS PRICE widget on my blog and it shows me all over the area, but we are pretty much under $2/gal everywhere at this point.

Nov 11, 2008 03:20 AM