Reporting Jim Melwert
Filed underBusiness & Economy, Consumer News, Heard On, Local, News, Syndicated Local, Watch + Listen
PENNSAUKEN, NJ (CBS) – There’s good news at the pump: gasoline prices are falling. AAA says prices are down almost $0.10 a gallon in just the past week and almost $0.50 lower than prices in early May.
The drop in prices is good news for Karen from Pennsauken.
“Cause I travel all the way to Plymouth Meeting every day — from here every day — so it costs me $50-60 every week to get to work.”
The cheaper fall blends have kicked in, that, combined with concerns of a weakening economy, means prices at the pump are coming down pretty quickly.
But even though analysts say the falling prices could mean savings of about $20 a month for the average driver, some people, such as this driver, aren’t getting too excited: “No, not really, I’ve seen it come down and go back up plenty of times, so it’s hard to be optimistic about it.”
On the bright side though, experts predict a drop of another $0.25 by November and some parts of the country are already seeing prices under $3 a gallon. One economist says a $0.50 per gallon drop for one year would mean a $70-billion boost for the US economy.
Reported by Jim Melwert, KYW Newsradio 1060