Oct 10, 2008 5:53 pm US/Central
Excited Drivers Line Up For $2.99-A-Gallon Gas
VALPARAISO, Ind. (CBS) ―
Believe it or not, there is an up-side to the financial meltdown. Gas prices are starting to fall as the cost of crude gets cheaper.
CBS 2's Kristyn Hartman reports there is even gas to be had in the area under three bucks a gallon. On Friday, regular unleaded gas at a Valparaiso Speed Mart dipped down to $2.99 a gallon.
According to the AAA fuel gauge report, that's down 80 cents from Indiana's average just one month ago.
Drivers lined up at the station, looking more eager to get gas than they have in a while.
"They're blowing us kisses, they're thanking us and telling us they love us," said Speed Mart manager Kim Howe. "Everyone's going crazy over the price."
"I drive about 25,000 miles a year, so that's going to be a lot of savings for me," said David Baker. "It'll be a big relief."
Industry analyst Phil Flynn has good news for her. He expects prices to go even lower in the next month or two. He thinks $2.70 a gallon is a realistic national average.
"Because of what's happening in the economy, the economy is slowing dramatically," Flynn said. "People are becoming a lot more protective of their money and they're driving less. If they're driving less, supplies will start to rise and that will drive down prices."
Good old supply and demand.
(CBS 2 and the Post-Tribune are news partners covering stories in the communities of northwest Indiana. Send story tips to tips@cbs2chicago.com. (© MMVIII, CBS Broadcasting, Inc. All Rights Reserved.)
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