Falling gas prices good news for Louisville drivers, businesses - WDRB 41 Louisville News

Falling gas prices good news for Louisville drivers, businesses

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LOUISVILLE, Ky. (WDRB) -- As gas prices continue to fall, drivers in Louisville are saving money and loving it. 

The price for a gallon of regular unleaded gas in Metro Louisville is as low as $1.75 in some areas. 

As Jim Anders put it, "a dollar anything is great ... cheap gas, what's wrong with that?"

Anders and other drivers are marveling as gas prices continue to fall to levels not seen in years. 

According to the website GasBuddy.com prices in the market have dropped $2 in the last 18 months. Gas hasn't been this cheap in Metro Louisville since 2009. 

Not knowing how long the low prices will last, some drivers are topping off their tanks more frequently. 

But U of L Economics Professor Stephan Gohmann says there may not be a need to rush to the pump. 

"We just have a major supply of oil so prices are going to drop," Gohmann said. 

Gohmann says fracking in the Midwest is a big factor. He says when American produces more of its own oil, it drives down demand from international markets. 

With prices expected to remain low for the near future, Gohmann says the average consumer will save $700 a year.

That's money consumers will pour right back into the economy as they spend more on things like eating out and shopping. 

Click here to find the lowest gas prices in your area. 

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