Gas for $2.99, a great deal or still too high?

By David Whisenant

... lots of stations in our area have not dropped below three dollars a gallon. While most drivers think that's a great deal, at least compared to what we were paying.

I drive a company car so I don't actually have to pay for the gas, but come on, 2.99, I might as well save the station some money, the boss would probably like that.

Everybody agrees 2.99 today is an incredible price, but not that long ago even 2.99 would have seemed outrageous.

One year ago gas in North Carolina averaged 2.75 a gallon...but since then we've had hurricanes, shut down refineries and shortages, so 2.99 a gallon?

"Well, I think it's great," said one driver.

James Knox's Dodge Charger was thirsty today, he was recently laid off and needs to find bargains, so this sign hit him like a light from the sky, not the sun, but the price.

"I think it's still a high price, but you have to be in condition down from four bucks, I think it ought to be about two bucks," Knox said.

Those days may be long gone. But 2.99 is one dollar a gallon less than we paid one month ago, and it's down 36 cents just from last week, and today is the 29th straight day of falling gas prices. Experts tells us as long as oil prices keep dropping and demand slips due to the weak economy, these prices could fall even farther. But there are some prices we'll never see again, believe it or not, when Jerry Garris' car was new, gas cost fifteen cents.

His car is a 1931 Ford Model A coupe.

"Henry Ford wouldn't believe it today," said Garris.

Three months ago oil prices peaked at $147 a barrel, at the close of trading on Tuesday that price had fallen to $78.63, and the experts say that is probably not going to be the bottom.

*****

It is still too high.

(David Whisenant is a reporter for the local TV station WBTV)