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Good News At The Pump

Jim Melwert Jim Melwert
Jim is a "morning drive" reporter for KYW Newsradio 1060, bringing...
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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