7am News, Sports and Obits
Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Gas Prices Move Downward: AAA
Never before has the price of a gallon of gasoline fallen so far so fast. That's according to the AAA Chicago Motor Club, and their Monthly Fuel Gauge Report for November.

The report says the average price for regular unleaded gasoline fell from $3.30 a gallon in October, to $2.26 in November.

If that seems like quite a decline, AAA spokesperson Nicole Niemi says you're right. In fact, Niemi says, it's unprecedented. "This is definitely a significant drop, providing some much-needed relief to motorists," Niemi said. "The main reason that gasoline prices are falling is because crude oil prices are falling."

Niemi says crude oil was trading at $147 a barrel in July. Tuesday, a barrel of crude sold for just over $53 a barrel.

However, Niemi says people who conserved gas when it was over $4 a gallon are likely to continue doing that because of other economic pressures. "They need to still conserve fuel and drive smarter" Niemi said. "Costs are going to increase for heating, because we're in a cold snap now and winter is coming, or the price of food is significantly higher than it was a year ago."

On the positive, gas hasn't been this cheap since February of 2007. It averaged $3.17 a gallon this time a year ago. Filling stations in Galesburg are much lower than the averages. Our unofficial survey has gas nearing $1.76.
11 24 08 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.