Upside Of Crisis: Commuters Get Relief At The Pump

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Oct 23, 2008 12:06 pm US/Eastern

Upside Of Crisis: Commuters Get Relief At The Pump

Tri-State Area Pumps Drop Below $3/Gallon

Reporting
Jay Dow

NEW YORK (CBS) ―

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Commuters are finding one plus side about the increasingly severe economic crisis: relief at the pump. But how long will the lower gas prices last?

At these prices, it's worth the wait. Drivers - including those at Valero Station in Hasbrouck Heights – are flocking to their local gas stations to get a good deal on a fill-up.

At Valero, it's $2.53 a gallon for regular, well below the national average.

"It's crazy. This is like being at the Jersey Shore on the roller coaster. One day it's up, one day it's down...but you know what, I'll take it while it's down," said East Brunswick resident George Iskarous.

What a difference three months makes. In July, the average price for regular hit just over $4 a gallon and crude oil sold for $147 a barrel.

As of October 23, there is less pain at the pump, and crude is going for less than $70 a barrel. The bottom line: lower demand has brought about lower prices.

Even as gas prices drop dramatically, most people say they aren't exactly hitting the malls with the extra cash in their pocket.

"I wasn't even trying to go shopping," Nutley resident Gloria Ferrero said. "And Christmas is coming, so I always worry about that."

Analysts estimate that the drop in gas prices amounts to about $125 billion in savings nationally, an unofficial, unexpected stimulus package in this difficult times.

"I don't think the economy is getting any better in the next few years," Jersey City resident Kristine Apon said.

But just as Wall Street was too preoccupied with a looming recession to let falling oil prices trigger a comeback, drivers say they are also worried about – and saving for – whatever lies ahead.

OPEC is so concerned about falling oil prices that the international cartel is expected to announce a cut in production during an emergency meeting tomorrow in Vienna.