Gas Prices Continue to Plunge

by scrosby on October 27, 2008

Gas prices in Louisville have fallen dramatically over the last several days, and at least one gas industry expert thinks the trend could continue. A gallon of regular unleaded averages about $2.49 in Louisville today.

AAA spokesperson Roger Boyd says fuels costs have been steadily falling throughout Kentucky and the rest of the country, due to declining oil prices. He says demand has also dropped, as motorists changed their driving habits over the summer when gas prices spiked.

“We should be able to see this price continue to drop even though OPEC of course will take proactive steps at this point, such as trying to reduce their production or shipping,” says Boyd. “But they will do everything they can, that’s why it’s even more on the motorists to keep limiting their demand as much as they can.”

Boyd says the future gas prices are tricky to predict because of two variables: action by OPEC and the severity of the winter season.

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