Gas price drops slower that it climbs - WALB.com, Albany News, Weather, Sports

Gas price drops slower that it climbs

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By Jim Wallace - bio | email

September 2, 2008

ALBANY, GA (WALB) -

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Amid indications that the Gulf Coast's oil intersts were spared heavy damage from Hurricane Gustav, crude oil prices are on the decline. 

But will that make any difference for you at your gas pump?

Tuesday Oil companies and refiners spread out across the Gulf Coast to look for damage at off shore platforms from Gustav. Some began putting equipment and people back in place to resume operations in the next three to five days.

Preliminary indications were that Gustav did little damage to onshore facilities. The price of crude oil was down more than seven dollars early Tuesday.

There was a minor upswing in prices last week due to fears of supply disruption because of the Hurricane, but economists think the price will go down slowly.

"The value of the dollar, the weakening of the European economy. Those are the mad factors that are driving the gas prices down a little bit. But as far as it doing down more significantly than what we've already seen, no I don't think that's the case," said Darton College Economics Asst. Professor Dr. Aaron Johnson.

Wall Street experts say the threat of government regulations and falling demand for oil world wide kept oil prices from increasing dramatically due to the hurricane threat, and today the price of oil fell almost immediately.

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