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October 7th, 2008
Posted: 05:53 AM ET
NEW YORK (CNNMoney.com) — If there’s one bright spot in a bad economy, it’s that gasoline prices have fallen, and they’re expected to drop even further. As the global economy continues to falter, demand for oil has dropped. And since the price of oil makes up about half of the cost of a gallon of gas, analysts see more relief ahead at the pump. “We ought to see prices drop pretty quickly,” said American Automobile Association spokesman Geoff Sundstrom. “We’re well on our way to $3 gas within the next week or two.” The national average price for a gallon of regular, unleaded gasoline fell 2.4 cents to $3.480 from $3.504, according to a daily survey released Tuesday by AAA. That’s down 18 percent from an all-time high of $4.114 a gallon on July 17. |
 
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