Oct 13, 2008 2:45 pm US/Eastern
Gas Prices Plummet Across Tri-State, Nation
NEW YORK (CBS) ―
It won't make up for the falling stock market, but something else is diving, and it's good news for many.
Gas prices have recorded one of the largest drops in history. For the first time the news for drivers is good, the cost to fill up the tank is on the down turn.
"I think they're getting better, a lot better than they were before," said Bayon resident, Jude Baczek.
With the hurricane season winding down, and people driving less, the price of crude oil is down. In the past two weeks, the price of an average gallon of gasoline fell an average of 35 cents.
"A month ago I was traveling about 3,000 miles a week. Now, maybe I'm traveling about 500," said Dennis Ramos, a truck driver from Elizabeth.
A Lundberg survey puts the average price in New York City at $3.43. In New Jersey, it's even cheaper at $2.98.
Since peaking at $4.11 in July, the national average cost of a gallon of gas has dropped 80 cents.
"The motorists are being rewarded because there's been a sustained length of time that the consumer has used less gasoline," said Sal Risalvatc, of the N.J. Gasoline Retailers Association.
The big question is, will the low prices last across the country? Experts say as long as people continue to drive less.
"If the kids need a ride and it's local, in town, they have to take their bikes and go," said Maryanne Meny, of Bergenfield.
Prices at the pump are also dependant on retails keeping their prices down in order to keep sales up.
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