Gas below $3 a gallon??
Soon we could be seeing gas prices below $3 a gallon across the country, according to a CBS2 story. Prices are always slightly higher in California because of clean-air taxes.
Oil prices have been dropping along with the stock market and that could mean steep price drops at the pump.
"Crude has now lost about 45 percent since hitting a record $147.27 on July 11, tumbling as a deepening credit crisis caused by the subprime mortgage fiasco wreaks havoc around the globe and drives down energy demand," the story says.
"Underscoring Americans' waning appetite for fuel, a gallon of regular gasoline dropped 5.3 cents overnight to a new national average of $3.35 a gallon, according to auto club AAA, the Oil Price Information Service and Wright Express.
"Prices dipped below $3 a gallon on average in Kansas, Missouri and...
...Oklahoma. If crude keeps falling, the rest of country should see sub-$3 gasoline in the next few weeks if not sooner, experts say.
"Crude's steep losses came despite signs that the Organization of the Petroleum Exporting Countries may tighten output to put a floor under falling prices.
"OPEC said Thursday it will hold a special meeting Nov. 18 to discuss how the economic crisis is affecting oil prices, while the head of Libya's national oil company, Shukri Ghanem, called on oil producing nations to cut output.
"But analysts doubt an OPEC cut would reverse the extreme downward momentum on oil. OPEC's decision last month to cut production by 520,000 barrels a day failed to halt the losses.
About The Bargain Hunter
Daily News staff writer Julia Scott loves to find bargains on everything from groceries to Gucci. Her tips will help keep your hard earned cash where it belongs - in your pocket.
My Facebook Profile
Leave a comment