Oil Expert: Tumbling Gas Prices Should Continue The Trend
By Mike Dougherty
PHILADELPHIA (CBS) - Gas prices have been dropping by a penny or two a day for the past couple of weeks, and crude oil prices -- now at about $80 a barrel -- are $30 less than summer prices.
It all adds up to more money in consumers pockets.
At the pump, drivers are paying an average of $3.25 per gallon in Pennsylvania and $2.89 in South Jersey.
Gas Buddy.com chief oil analyst Tom Kloza says the lowest prices might be ahead in November and December:
"I think, depending on where you live, you may see prices bottom out somewhere between $2.75 and $3.00."
Kloza ADDS this might be a good time to lock in pricing on heating oil:
"Last year, it cost about $4 a gallon or more. This year you could probably lock in heating oil right now for about $3.25 or less."
He says holding out for better prices might pay off, but his advise is to lock them in now.