Why Are Gas Prices Dropping?

By: Rosie Barresi Email
By: Rosie Barresi Email

The economy is in a state of hurt right now and the only thing making consumers feel better, believe it or not, are gas prices.

The last time Southern Colorado saw gas prices in the $2 range was 8-months ago.

A trip to the gas station is less of a pain in the pocket these days. The Shell Gas Station on North Academy Blvd. in Colorado Springs had their regular unleaded gas listed for $2.74. "This is the cheapest gas we found," said Charmaine Page who lives in Aurora, CO.

"I knew it would come down sooner or later," said Larry Espinoza, a Colorado Springs resident.

The reason for the lower gas prices? Refineries along the Gulf Coast that lost production because of Hurricanes Ike and Gustav are picking up steam again.

Another reason for the dip in gas prices is because of a weaker economy. Experts say, the demand goes down and production goes up.

"It's more dollars in your pocket," said Frank O'Donnell, a Colorado Springs resident.

Prices seem to have dropped relatively fast. "That's a drop of what, almost 45 or 50-cents in 9-days," said O'Donnell.

The last time the U.S. saw such a sharp drop in gas prices was in the early 80's.

Espinoza has a 38-gallon truck. Usually it costs him $100 to fill up. "Saturday I filled it up for $42," said Espinoza.

"Actually, we can afford to go get a car wash now," said Joe Perry, a Colorado Springs resident.

Economists say consumers save one-billion-dollars when oil is just one-dollar cheaper.

"It's a big difference between $60 and $80," said Perry.

Experts expect gas prices to continue to drop over the next few weeks. "I hope so," said Page.

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  • by Cool on Jan 14, 2009 at 10:59 AM
    Gas prices drop= more toys for me!!!!!!!!!!!!!!!
  • by Sophie Location: CA on Dec 3, 2008 at 07:27 PM
    Our comunity has been efected lately by gas prices dropping rappedly. Is it true that the prices will increase again when our new president, Barack, takes control over the United States?
  • by Anonymous on Nov 25, 2008 at 02:25 PM
  • by SS on Nov 24, 2008 at 11:55 AM
    I saw gas for $1.72 in Castle Rock earlier today, and Diesal was $2.20! Wow! :)
  • by richard Location: colorado springs on Nov 24, 2008 at 11:54 AM
    That should read $1.74, not $2.74
  • by Brian Location: Greenwood Village on Nov 24, 2008 at 10:21 AM
    I believe the article meant $1.74 NOT $2.74. The Western gas station in Castle Rock is now @ 1.64.
  • by ML Location: Internet on Nov 23, 2008 at 12:40 PM
    SK and HAHA -- You are assuming Mr. Espinoza is buying gas with a completely empty tank. Most people don't fill up their tanks when they are on fumes. What the article doesn't state is how many gallons he bought with $42, but I'm guessing it was about about 20.
  • by Darryl Location: New Castle on Nov 4, 2008 at 03:58 PM
    gas in Parker City, IN today was down to $1.99/gal for reg unleaded. lowest i've seen anywhere.
  • by HAHA on Oct 21, 2008 at 07:35 AM
    LOL SK, I was thinking the same exact thing, I'd like to know where he is getting gas at!
  • by Sarah Location: C/S on Oct 20, 2008 at 10:06 AM
    Its about time!
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