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Gas Prices Keep Dropping. How Low Can They Go?

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Gasoline prices have plunged to their lowest levels in years, according to AAA.

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By RUSSELL RAY | The Tampa Tribune

Published: November 24, 2008

Driving to your Thanksgiving destination will cost a lot less this year, as gasoline prices have plunged to their lowest levels in years, according to AAA.

Nationally, a gallon of regular unleaded is averaging $1.91 a gallon, the lowest since March 2005, the auto club said. A year ago, U.S. motorists were paying $3.09 a gallon on average.

In the Tampa Bay area, the average price of regular unleaded is $1.92 a gallon, down 87 cents from $2.79 one month ago, AAA said. It was $3.11 a year ago.

The decline is expected to continue through the end of the year.

"There is a growing chorus of analysts who have joined OPEC in lowering their demand forecasts for 2009," AAA spokesman Gregg Laskoski said.

The price of oil, the feedstock for nearly all transportation fuels, has plunged to about $50 a barrel, down from a high of $147.27 on July 11.

The cheapest gas can be found in Tulsa, Okla., where a gallon of regular unleaded is averaging $1.64 a gallon.

Reporter Russell Ray can be reached at (813) 259-7870.

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