Gas Prices are down for the Winter


Some analysts expected to see a "colossal collapse" in gasoline prices before the election. Now those analysts say the outlook remains good for at least a few months.

Oil Price Information Service editor Tom Kloza says there was a big drop in wholesale prices.

"Wholesale prices are down anywhere from 35 to 65 cents a gallon."

That's led to a dramatic drop in retail prices -- in some spots.

"You may have to look around for these but we've noticed there are some prices closing in on the two dollar mark in Texas, Alabama, and Mississippi."

Kloza says enjoy it while it lasts; prices will rise again in the spring.

"We've been fortunate in that Nigeria, Libya, and Iraq -- none of them have had any issues with producing crude. I would say this is an interlude or an interval and enjoy it because we will have higher gas prices again next spring."

While some spots in Texas may be near $2.00 a gallon, the Houston average is around the $2.50 mark. The national average is $2.75.


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