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Did You See This? Gas Under $2 a Gallon!

Posted on: Friday, 11 November 2005, 21:00 CST

By Jeremiah McWilliams, The Virginian-Pilot, Norfolk, Va.

Nov. 11--We bet you didn't expect to see this: Gas prices fell to less than $2 for a gallon of regular Thursday at several downtown Suffolk stations, about nine weeks after the average price set a Hampton Roads record of $3.114 per gallon.

At least three Main Street stations in Suffolk sold regular unleaded gas for $1.93 per gallon Thursday afternoon. Nationwide, averages haven't dropped to that level since the last day of February.

Don't get too excited just yet. The average for a gallon of regular across Hampton Roads was $2.199 earlier Thursday, 31.3 cents higher than a year ago. But prices have declined steadily for more than a month, with prices 77.2 cents lower than a month ago.

"We would expect retail prices to continue to fall" in the next month or two, the Energy Information Administration said in a report Wednesday.

Prices have been driven down by gasoline imports, which hit record levels for three straight weeks in late September and early October.

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Copyright (c) 2005, The Virginian-Pilot, Norfolk, Va.

Distributed by Knight Ridder/Tribune Business News.

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Source: The Virginian-Pilot

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