Gas Prices Going Down As Price Of Oil Declines - NewsChannel5.com | Nashville News, Weather & Sports

Gas Prices Going Down As Price Of Oil Declines

Posted: Updated:

NASHVILLE, Tenn. - Gas prices are coming down in some areas more than in others. Some analysts predict the drop could be as much as 50 cents in some areas.

At the Kroger in Bordeaux, the price is $3.30 a gallon for regular unleaded. The price is coming down because the price of oil is declining. It's down 12 percent since July.

In some areas of town, folks are still paying more than $3.50 a gallon. Oil analysts give a few reasons for it taking a while to come down.

One is simply profit. Some gas stations can make more money if they slowly drop the price.

In some cases, stations may have loaded up on gas a day or so before the price dropped, so they have no choice but to charge a higher price.

Some people believe the lower prices won't last that long.

"I think probably at 12 midnight it may shoot up and if you come back in the morning it be $3.59 again, $3.60. So why take chances. That's right. Go ahead and fill it up," said driver Linda Brown.

Oil analysts predict slower economies in the U.S. and overseas should keep prices lower than they were in July.

Analysts also predict another drop in the price after Labor Day, because traditionally consumer demand for gasoline is lower.

Powered by WorldNow
Powered by WorldNow
All content © Copyright 2000 - 2014 NewsChannel 5 (WTVF-TV) and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.