Gas Prices Now Falling as Quickly as They Rose
There's a silver-lining to a down economy: the price of gas is falling. No, it's not your imagination. The numbers on those gas station signboards are falling right before your eyes - and about as fast as they were rising back in September. The average for a gallon of regular in Charlotte today is $2.13. That's a few pennies shy of the national average, and about half what it cost two months ago. "The low gas prices are a result of the reduction in the price of a barrel of oil," says Tom Crosby of AAA Carolinas. "And that is brought down by the fact that our economy is a little shaky and our driving has decreased, therefore we are putting less demand on the need for gasoline." Crosby says gas prices finally went high enough to make Americans ditch their gas-guzzlers. And we're driving about 12-percent less than we were a year ago. Hurricane disruption gave Charlotte prices an extra boost over the summer, since the Southeast gets virtually all of its fuel from the Gulf Coast. But Crosby says that will work in our favor as Middle East oil producers cut back on supply to stop the falling prices. And until the economy rebounds, he says gas prices are likely to stay low.