Dec 11, 2008 8:06 am US/Eastern
Drivers Thrilled Over Dropping Gas Prices
ELMER, N.J. (CBS 3) ―
Drivers in Elmer, New Jersey are not shy about how much they like filling up their gas tanks for $1.39 a gallon.
"Ooh I love it!" said Marie and Don Litz of Bel Air, Maryland. "This is the best and they pump it for you," Don said.
The couple keeps a gas ledger notebook for their ride from Maryland to Atlantic City. This time they hit the jackpot where travel costs are concerned.
"We did good, we're smiling can't you tell?" said Marie.
On November 3, CBS3 captured drivers cashing in on $2.05 cents a gallon in Waterford, N.J.
And back in June, cars in Washington Township waited in line for gas at $3.73 a gallon right when it fell below the $4 dollar mark.
Now $1.39 regular is the lowest price in five years, at both Exxon and Gulf in Elmer, where Route 40 meets Route 77.
It's 30 cents below national average of $1.69 a gallon and perhaps the cheapest statewide.
But prices are dipping because unemployment is on the rise.
"A lot of people being laid off, so with the loss of employment, there is less consumption, less commuting and travel," said Tara Woodside with AAA South Jersey in Voorhees.
No one is predicting if or when gas prices will drop to $1 dollar even, but AAA says it wouldn't be surprised to see them go lower than they are right now.
Station owners do profit more when gas prices are low due to decreased costs in transporting fuel and credit card surcharge fees. Gas stations are at the end of the supply chain; they set prices based on competition and fair market value.
For Don Litz, it will never be as good as when he was 18, learning to drive 50 years ago, gas was just .26 cents a gallon!
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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