Gas Below 3 Bucks A Gallon

Alabama Gas Prices News 5 investigates whats behind the easing of the the pain at the pump.

by Kimberly Curth

Published: Mon, October 13, 2008 - 5:22 pm CST Last Updated: Mon, October 13, 2008 - 6:00 pm CST

When was the last time you saw gas below three bucks a gallon? For our News 5 crew, it was Monday in West Mobile. It's a welcome sight for drivers. And, while there's no question the recent change is leaving more change in your pocket, you might be wondering what's behind the big price drop.

"When our drivers start driving slower and maybe carpooling and considering public transportation all of a sudden that just decreases the demand for oil ever so slightly such that it puts pressure on it to move it, move it back downwards," said investment manager, Mark Davidson. "So, it is supply and demand and it is a behavioral, behavioral change that we've seen."

According to the Energy Information Administration, the last time we saw gas prices below three dollars a gallon was February 18th of this year.

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DEW26M Says:

Mon, Oct 13, 2008 at 6:47 pm

OH YEAH let’s not forget the current exchange rate in that equation! Cause it’s down too!
__

1.00 CAD 0.878649 USD
Canada Dollars United States Dollars
1 CAD = 0.878649 USD 1 USD = 1.13811 CAD

DEW26M Says:

Mon, Oct 13, 2008 at 6:44 pm

Get it while you can folks, up here in the North Pole(Canada) it dropped to
.88 (US$ per liter) = 3.33116237 US$ per US gallon for about 12 hours. Then everyone started filling up again, and it went to
1.27 (US$ per liter) = 4.80747297 US$ per US gallon

I hope it stays low for longer than that for you guys, but I wouldn’t keep my hopes up!