How low will gas prices go? - - Jackson, MS

How low will gas prices go?

Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
Source: WLBT Source: WLBT
Source: WLBT Source: WLBT

Gas prices continue to fall across the metro. Steve Cole only gets about 12 miles a gallon in his Ford truck but he drove it to Miami for Thanksgiving with few worries about how much gas was going to cost him.

"It's great finally," said Cole. "I've been doing a lot of traveling during the holiday season; here to Memphis, here to other parts of the state."

Analysts say it's falling crude oil prices pushing down prices at the pump. The price of oil has dropped 34% since June, which is a 5 year low, putting gas prices close to where they were in 2009. 

Michael Green, a spokesman for AAA said, 

"At this point gas prices have been low for just a short amount of time so we don't see people doing more driving or buying bigger cars or anything like that," said AAA spokesman Michael Green. " It will be interesting to see what happens ."

Things could get even better according to the website 24/7 Wallstreet. They predict Mississippi will be among 8 states that will see prices drop below $2.00 a gallon in early 2015.  

Shanta Lewis

"Help me on my bills cause I'm paying my bills," said Shanta Lewis. "Gas is taking it all cause you have to go from here to there, a and b. They go back down to 97 cents, I'll love that too."

Michael Green said, 

"The cheapest gas prices are in the Southeast and central United States," added Green. "Mississippi is definitely one of those states where the cheaper gas prices are. That's because there are a lot of refineries and gas prices are pretty low in the state.  Whether or not they get below two dollars a gallon, that is really tough to say. It will depend on what happens with the cost of crude oil."

Mississippi's proximity to refineries and low gas taxes will always keep prices here lower than they are in other states.  

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