Historic Drop In Gas Prices; Local Gas Falls Up To 76 Cents A Gallon In Week

October 14, 2008

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Gas prices across North Escambia have experienced this biggest drop in history in the past few days, due to a falling economy and Americans driving less.

In just a week, the price for a gallon of regular unleaded had fallen a full 76 cents a gallon in Century, down to $2.99 a gallon from $3.75 in just a week at the Korner Kwik Stop BP.

The price for a gallon of regular unleaded had fallen as low as $2.91 a gallon at the Tom Thumb in Molino Monday night, a decrease of 52 cents a gallon from a week ago.

That same gallon of gas was also down to $2.99 in Davisville.

Those prices are still higher than a year ago, when the average price per gallon was $2.76. Some stations in Pensacola were approaching that level Monday night, with gas down to $2.82 at about a half dozen stations.

Soaring prices and a poor economy have led to an overall decrease in gas demand in the country, according to AAA. The Secretary of Transportation reported September 30 that Americans had driven 9.6 billion fewer miles in July of this year than in July 2007. During the nine month November 2007 to July 2008 period, Americans had driven 62.6 billion fewer miles.

Even with the record gains in the stock market on Monday, oil prices managed to recover just $3.49 a barrel on the world market, up to $81.19. That’s a 40% decrease over crude prices in July that hovered around $150 a barrel.

Pictured above: Gas was below $3 a gallon late Monday afternoon in Davisville. NorthEscambia.com photo.

Comments

5 Responses to “Historic Drop In Gas Prices; Local Gas Falls Up To 76 Cents A Gallon In Week”

  1. Beegee on October 15th, 2008 3:08 pm

    Please be cautious……………it can go up as fast as it came down…….but I,for one,am going to enjoy it while it’s down!!! :)

  2. CS on October 15th, 2008 11:59 am

    Better, but still not low enough.

  3. alexis on October 15th, 2008 9:59 am

    ABOUT TiME THEY DiD THiS!!!!!!!!!
    : )

  4. J Carson on October 15th, 2008 8:22 am

    Gas is what messed up the economy. Now its lower so maybe it will fix itself.

  5. Driving Again on October 14th, 2008 11:00 am

    this is wonderful news. perhaps folks can better afford to get out and spend some money now to help out the economy!

Written by William Reynolds · Filed Under News