Gas prices could dip below $3 soon

RICHMOND, VA (WWBT) -- Gas prices are on their way down in the Richmond area. That's because of the economy: recently when it goes down, so do gas prices. Some experts say the prices could continue to drop in the coming weeks and months.

We found the price sitting at $3.17 in South Richmond. Some people are calling in, saying prices are below $3.10 in other areas.

Remember these days? Talk about pain at the pump. Gas prices well above the $4 range just a few months ago. It felt like we were never going to see the relief.

Fast forward to today. Every time you go past your favorite gas station, chances are you're noticing a nice drop in price.

"It's definitely easing the pinch on the wallet a little bit," says Jeff Jennings. "But, I'd like to see them go down even more."

He may get his wish.

AAA Mid-Atlantic says there's a good chance some gas stations could see gas dip below the $3 mark after Labor Day. Until then, expect to see prices to hover in the low $3 range.

It's all thanks to the unstable economy. "It's kind of funny that something bad has to happen to the economy to get the prices of gas to go down. It's too bad the economy can't do well and the prices go down at the same time," says Jennings.

Mike O'Conner tracks the price of gas everyday for work. He says what we are seeing now at the pump, is similar to 2008. Prices tanked when the economy spiraled down.

Oil prices today may still be too high. "The role of the speculators was to run up the price and the consumers and general public we're paying the cost of that. Today, it's probably more realistic but that crude oil really should be somewhere between $50 and $70 dollars a barrel," says O'Conner.

If that happens, we'll likely break the $3 mark, in the right direction Jeff wants to see the prices go -- down.

Right now, the average price for regular in Richmond sits at $3.38. That's down 12 cents since last week.

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