Gas Prices Drop to 17-month Low

October 28, 2008 8:54:22 AM PDT
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In the Fresno area this week, prices as low as $2.61 a gallon at Costco. In the Reedley area, one driver spotted $2.46 a gallon for regular.

In places like Texas, Oklahoma, and Missouri gas prices are even lower, below $2.00 dollars a gallon. All across the country, people are getting a break.

The most obvious, and most welcomed winner, is the American consumer Like this New Jersey mother getting her tank filled on her way to pick her son up from school. She drives more than 100 miles a week for her children. "It will give us more freedom," said Dale Bell of New Jersey.

With the cooler weather here, there will also be relief for families heating their homes. One delivery service outside Boston, cost $2.99 a gallon for home heating oil; a huge relief.

But not for some neighbors who locked in at as much as $4.79 a gallon earlier this summer, fearful escalating prices would go even higher.

Industries that use fuel to deliver goods and food to the marketplace are now getting a break.

Victor Gonzalez delivers food to shelters in and around New York. At one point, city harvest was spending $315.60 to fill the two tanks on this truck. With today's prices they're saving $46 dollars every time they fill up. "The money we don't have to spend on fuel we can put right back into the program," said Jennifer McClean with City Harvest Shelter.

You might be wondering, could there be any real losers in lower gas prices?

Certainly the countries that sell oil, like Venezuela and Iran whose economies have become spoiled on $90 and $100 dollars a barrel. Perhaps, investors in renewable energy such as wind and solar who count on consumer outrage over oil, "They have a very short term memory and renewables are threatened right now," said Robin West with PFC Energy.

Economist says there's no guarantee these new lows are here to stay. Especially since last Friday OPEC announced it will drastically cut oil production to stem falling prices.



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