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Gas Prices Drop Below $3 A Gallon

Tuesday, October 7, 2008 – updated: 4:43 pm EDT October 7, 2008

Gas prices are becoming a bright spot in a sea of dark economic news in the Miami Valley.

Gas prices continue to drop at a rapid rate around the area.

Just a few weeks ago, drivers could expect to pay well over $4 a gallon for regular unleaded gas, topping out in the Miami Valley at $4.29 a gallon for the lowest grade.

But overnight, not only could drivers find prices well below $4 a gallon, at one spot they could even fill-up for less than $3 a gallon.

The Marathon station, located at Route 202 and Needmore Road, dropped to $2.99 and nine-tenths a gallon Tuesday morning.

Charles Jergens was filling up. Jergens said, "Hopefully, it'll help this economy rebound a little and give people a little more spending money."

All morning a steady stream of cars, trucks and SUV's crowded the lot to take advantage of what is now considered a good deal.

In Riverside, the Speedway station at Woodman Drive and Burkhardt, was asking $3.179 for a gallon of regular unleaded gas.

The BP station in Kettering at Wilmington Avenue and Smithville Road was $3.169.

In Dayton, a Shell station located at Woodman Drive and Rainier was offering gas for $3.129.

Oil industry analysts said the lower gas prices are not a huge surprise since prices for a barrel of oil dropped to around $90. That is a big difference from the recent record levels of $147 a barrel.

How long will the lower gas prices last? Most analysts said it is possible that gas prices may even go lower as long as there are fears of a global economic slowdown that will drop the demand for oil.

Despite the rapid pace of falling prices at the pump, they are still significantly higher than they were a year ago.

The state average in Ohio is still around $3.15 a gallon. This time last year, gas prices averaged around $2.75 a gallon.

Looking For Cheap Gas? Visit Our Interactive Gas Page

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