$1 a gallon for gas? Blessing or bad thing? - WALB.com, Albany News, Weather, Sports

$1 a gallon for gas? Blessing or bad thing?

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By Len Kiese - bio | email

December 8, 2008

ALBANY, GA (WALB) - How does gas for $1 a gallon sound to you? There's speculation that gas could plummet down to the $1 mark again but that drop wouldn't necessarily be a good thing.

Gas prices have been on the downward spiral recently. Prices are below the $1.60 mark at many Albany gas stations. Just 60-cents away from a price not seen since about 1999, people are beginning to think gas for $1 a gallon is feasible.

But that would mean oil prices would continue to hit all-time lows and jobs would continue to get slashed. In other words, if you saw such a dip at the pumps that could be a sign of a worsening economy and recession.

"The driver here is if you don't have a job or your income is being significantly cut, you don't care if gas is a dollar. You still have other bills you have to pay, food, entertainment and so forth," said Darton Economics Professor Aaron Johnson.

On Monday, oil prices settled at $43.71 a barrel. Last week they fell 25-percent. Right now national gas prices are the lowest they've been since March of 1999.

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