How low will gas prices go? - WALB.com, Albany News, Weather, Sports

How low will gas prices go?

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By Wainwright Jeffers - bio | email

October 19, 2008

ALBANY, GA (WALB) - Just when you thought the price of gas is headed in the same UPWARD direction as everything else in today's economy, recently they've been bucking that trend.

The average for a gallon of regular gas has dropped Below the $3 mark, to $2.95 nationwide.

Prices are even lower in South Georgia, at Murphy USA in Lee County it was $2.74.

As the country's economy slows down so does our demand for fuel.

The lower prices could mean good news for the economy.

"I see more people going out of town, I work and IHOP and we have a lot of people passing through this weekend with the gas prices going down," Michele Bodiford.

The world's largest producers of oil have also noticed the dip in prices.

OPEC will hold an emergency meeting this week, with plans to cut back production, and keep prices from dropping even more.

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