Gas Prices Continue To Drop Bringing Relief To Motorists
BALTIMORE (WJZ) -- At one point Monday, the price of crude oil dropped 5 percent. It comes on the heels of a previous drop, which is leading to a widespread relief at the pumps.
Mike Schuh reports.
The prices are falling so fast, finally it's fun to keep score. Crude oil is cheaper than it was 6 years ago.
"We can expect the price of gas to continue to trend downward as the price of gas continues to catch up to the price of crude," Ragina Averella, AAA spokeswoman, said.
American production is up, global economies are lagging, too much gas leads to these lower prices and lower price means more miles are bring driven.
"It makes my paycheck last a little longer, which is always helpful, pay off my debt," said Johnathon White. "Just overall give me more money to work with during the week."
But could the drop come to a halt soon?
"There is an abundance of supply at this time, so barring any unforeseen circumstances we are expecting that they will continue to trend downward," Averella said.
Though prices are expected to stay the same or go even lower, AAA says should a hurricane come along (and we're in the hurricane season) and if a refinery goes offline, the effect will be seen here very quickly.
The website Gas Buddy shows the cheapest gas to be in the Southeast, where in many places it's below $2 a gallon.