Gas Prices Plunge - WICU12 HD WSEE Erie, PA News, Sports, Weather and Events

Gas Prices Plunge

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Gas prices are dropping and some analysts say they may go as low as $3.00 a gallon by Christmas.  The drop in gas prices couldn't come at a better time, as families spend extra cash to put presents under the tree.

Across the nation, prices are down 46 cents a gallon in the last two months. "The drop in prices represents a classic case of supply and demand," said David Poor, Regional President of AAA.  He says gasoline inventories are the highest they've been in seven and a half months.

Supplies are down for a couple of reasons.  Hurricane Sandy drove demand down, as the storm paralyzed a larges sector of the east coast.  And demand always drops after all those Thanksgiving road trips.

Nationally the average price per gallon is $3.34 a gallon, down a dime from a month ago.  Pennsylvania's average price is higher at $3.52 a gallon.  It's down twelve cents from last month.  The Erie area price drop is most impressive.  The average for a gallon of regular unleaded is $3.44, down twenty cents from last month.

Analysts expect gas prices to drop another dime in the next week. In Memphis, TN the price has already dropped to $3.04 a gallon.

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