Experts say gas prices could drop even further - WDRB 41 Louisville News

Experts say gas prices could drop even further

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LOUISVILLE, Ky. (WDRB) -- Experts say gas prices are lower than they've been in four years, but the numbers may drop even further.

When Terrance Arnold first saw the prices at this gas station near Goose Creek and Westport, he couldn't believe it.

“I thought it was wrong or they didn't change it or somebody put the wrong number up there," he said.

He filled his tank up even though it was already half full.

“The $2.82 is lovely," he remarked. “It's just like Christmas. I'm loving it. I'm speechless."

The numbers are a far cry from the $4.25 a gallon some parts of the metro area experienced in June.

University of Louisville Professor of Finance David Dubofsky says a slowing global economy is reducing that price.

“The main reason gas prices are going down is because the price of crude oil is come down a lot,” Dubofsky explained. “If the global economy continues to slow down um we may yet see lower prices and I don't know how low they can go, but they can go lower.”

“If the global economy continues to slow down, we may yet see lower prices,” Dubofsky said. “I don't know how low they can go, but they can go lower.”

He says the drop provides short-term benefits for consumers.

“It's freeing up several hundreds of dollars that they would normally be paying for gasoline,” he said. “On top of that, it'll show up in their heating and utility bills.”

Those low prices are helping keep a few extra bucks in John Hambaugh's wallet too.

“It helps out a lot, especially because I'm on a fixed income and you only make so much a month you know,” he said.

We saw price differences all over Kentucky and Southern Indiana. Gas was listed at $2.72 in Radcliff the highest we found was at a Valero on Zorn Avenue.

Dubofsky doesn't think there is a method to the madness, but says competition and the price of rent could play a role.

The best bet may be to keep an eye on gas trackers-like Austin Carter.

To check the lowest gas prices in the area, click here.

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