Shaky Economy’s Effect On Gas Prices
A local fuel analyst says gas prices could drop about a quarter as a result of the shaky economy. Don Redman with the American Automobile Association says the drop in gas prices are directly related to the price of the drop in crude oil which dipped below $80 per barrel this morning for the first time since last August. The current statewide average for a gallon of regular gasoline is $3.55. Redman says some analysts are predicting the price of crude could fall as low as $50 a barrel.
Redman says since gas prices never go down quite as fast as they go up, it could be mid-September before we see the twenty-five cent drop. He predicts the gasoline supply and demand market is correcting itself.