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Local Gas Prices Hit Two-Year Low

By: Clarissa Stephens Email
By: Clarissa Stephens Email

Motorists may be getting some relief the next time they go for gas. The price of crude oil is down to nearly $50 a barrel.

It's been almost two years since the industry has seen crude oil prices this low, and it's both welcome news for businesses and customers.

Consumers have been feeling the pinch of rising oil costs for quite some time.

For the first time since May 2005, the price of crude oil briefly dropped below $50 a barrel.

On Thursday, the Energy Department reported the highest rise in crude inventories in more than four years. The rise in inventory created a huge surplus, which means a drop in gas prices.

Although consumers across the nation are seeing lower prices at the pump, some wiregrass residents still feel the prices aren't low enough.

"I work in Dothan, but I don't get gas in Dothan, not unless I feel it's comparison to where I'm from."

Crude oil futures have dropped in eight of the first 12 trading sessions of 2007. That's been blamed partly on mild weather in the northeast, a major consumer of heating fuels, and growing energy supplies.

Despite what many people may think, many gas station managers tell me they don't have much control over how high or low the gas prices are set. Those prices are set by their home offices.

Gas prices are higher in Dothan than in neighboring midland city, and some people don't mind driving the distance to get the best price.

"I work in Pike County and Dale County, but I live in Montgomery, so the gas is more inexpensive here, so I'll come down to Ozark or Midland City to take advantage of the gas."

AAA says the national average for unleaded gasoline stands at just under $2.20 a gallon. This dramatic drop in oil prices has been pushing gasoline lower and analysts believe the lower prices may be here to stay.

The lowest price for gasoline in the state of Alabama is a $1.89 in Lacey's Springs.

According to alabamagasprices.com auburn has the highest prices for gasoline in the state for $2.29 a gallon.

Regular unleaded on average is $2.16 per gallon.


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