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Gas Prices May Continue To Fall
Many Wonder If Prices Will Drop Below $3 A Gallon
UPDATED: 1:52 pm CDT October 8,
2008
MADISON, Wis. -- Gas prices continue to drop and some speculate that prices could soon be going down significantly.VIDEO: Watch The ReportWISC-TV looked into the question of will gas prices ever fall below $3 a gallon again.About a year ago in Madison, gas prices came in at around $2.85 for a gallon of unleaded gas.Many drivers were complaining then and commuters like Joe Schmidt were too. Schmidt lives in Oconomowoc, and drives to Madison nearly every day.When asked if he is excited to hear that prices may soon be going down, he was happy with the news."Yeah, I am (excited)," Schmidt said. "Because when it was up to $4 a gallon, I was a little nervous and thinking about different cars and hybrids."Pam Moen of AAA Wisconsin weighed in on the issue."It is not at all out of the question that we could again, in the not too distant future, be paying $3 or less for a gallon of gas," Moen said.Moen said all signs are pointing toward a big drop over the next few months; she said demand is down, supply is up, and crude oil prices are down. By the end of the year, prices could be at or below $3 a gallon."Certainly, right now today, the picture looks very favorable for continued decreases in the days and weeks ahead," Moen said. "And some of these decreases could be substantial."Erin Roth from the Wisconsin Petroleum Council agrees with AAA, and said he anticipates the downward trend to continue."It's hard to look into the crystal ball and see where gas prices are heading," Roth said. "What comes up must come down, and right now we're seeing crude oil plummeting."It's welcome news to drivers like Schmidt. He said it's about time."Yeah, it would be a nice thing," Schmidt said.But, the ailing economy may play some role in current gas prices. Experts said if Wall Street was in good shape, gas prices would likely be even higher than they are today."Good Question" is a regular segment you'll see every Tuesday at 6 p.m. on WISC-TV. If you have a question, ask reporter Marc Lovicott at goodquestion@channel3000.com.Visit the "Good Question" blog by clicking here
VIDEO: Watch The ReportWISC-TV looked into the question of will gas prices ever fall below $3 a gallon again.About a year ago in Madison, gas prices came in at around $2.85 for a gallon of unleaded gas.Many drivers were complaining then and commuters like Joe Schmidt were too. Schmidt lives in Oconomowoc, and drives to Madison nearly every day.When asked if he is excited to hear that prices may soon be going down, he was happy with the news."Yeah, I am (excited)," Schmidt said. "Because when it was up to $4 a gallon, I was a little nervous and thinking about different cars and hybrids."Pam Moen of AAA Wisconsin weighed in on the issue."It is not at all out of the question that we could again, in the not too distant future, be paying $3 or less for a gallon of gas," Moen said.Moen said all signs are pointing toward a big drop over the next few months; she said demand is down, supply is up, and crude oil prices are down. By the end of the year, prices could be at or below $3 a gallon."Certainly, right now today, the picture looks very favorable for continued decreases in the days and weeks ahead," Moen said. "And some of these decreases could be substantial."Erin Roth from the Wisconsin Petroleum Council agrees with AAA, and said he anticipates the downward trend to continue."It's hard to look into the crystal ball and see where gas prices are heading," Roth said. "What comes up must come down, and right now we're seeing crude oil plummeting."It's welcome news to drivers like Schmidt. He said it's about time."Yeah, it would be a nice thing," Schmidt said.But, the ailing economy may play some role in current gas prices. Experts said if Wall Street was in good shape, gas prices would likely be even higher than they are today."Good Question" is a regular segment you'll see every Tuesday at 6 p.m. on WISC-TV. If you have a question, ask reporter Marc Lovicott at goodquestion@channel3000.com.Visit the "Good Question" blog by clicking hereCopyright 2008 by Channel 3000. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
