Oct 6, 2008 7:43 pm US/Eastern
Gas Prices Dropping As Motorists Hit The Road Less
BOGOTA, N.J. (CBS) ―
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The economic news isn't all bad. Gas prices are dropping to levels we haven't seen since springtime.
CBS
The economic news isn't all bad. Gas prices are dropping to levels we haven't seen since springtime.
The price of oil is now under $90 a barrel for the first time in eight months, and we're feeling it at the pump. The average price for a gallon of gas is $3.56 a gallon, and is much cheaper across New Jersey.
On Monday, CBS 2 found drivers rushing to a gas station in Bogota where they were paying $2.91 a gallon for regular gas.
"These prices are unbelievable, they have lines everyday," said Service Center owner Tom Favorito. "I think it's the cheapest in Bergen County."
Gas for under $3.00 a gallon could be found at a number of stations across New Jersey, and it's pleasing everyone from customers to the owners.
"Customers like it and we have competition so we stay competitive," says Surinder Singh, owner of one of the stations.
Experts say there's a reason for the dip: people are driving less.
"The motorists are being rewarded because there's been a sustained length of time that the consumer has used less gasoline," said Sal Risalvato of the New Jersey Gasoline Retailers Association.
Experts say motorists could see gas prices come down even more.
"As long as consumers use less gasoline and there is no interruption in supply of crude oil or gasoline," Risalvato says.
And he adds you may, just may be paying as low as $2.50 a gallon in the near future. Analysts say if you want gas prices to keep dropping, you should keep driving less.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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