Gas prices continue to fall

By Elizabeth Campbell, General assignment reporter, ecampbell@wjxt.com
Published On: Aug 13 2014 05:38:01 AM EDT
Updated On: Aug 13 2014 10:33:37 AM EDT

Channel 4's Elizabeth Campbell spoke to a local financial expert about the reason for the falling prices and how much more they could go down.

JACKSONVILLE, Fla. -

Some good news for you and your wallet: gas prices have been falling and they're expected to continue to do so.

According to AAA, gas prices have fallen more than 40 consecutive days in the Southeast, including here in Florida where the average price at the beginning of the week was three thirty seven per gallon.

A local wealth management expert said he doesn't see the downward trend stopping anytime soon.

“It’s nice it’s going down and it will be a lot better for me I’ll get a lot more fuel out of it,” said William Davis.

Davis works for a recycling company and drives a big truck everyday. He said it's a gas guzzler, so hearing that gas prices are dropping is great news.

“It would mean a lot save the boss some money for sure,” said Davis.

According to AAA, since late June, the average price for a gallon of regular unleaded gas dropped 26 cents in Florida and 25 cents in Georgia.

The average price of gas in Florida at the beginning of the week was $3.37 per gallon, down from $3.58 just a month ago.

According to wealth management expert, Joe Krier, oil prices have dropped about 15-percent in the last few weeks.

Krier said despite conflict in the Middle East, gas prices are decreasing due to an excess of oil.

“You would think with Iraq and some other situations, prices would be going up but bottom line is production has increased considerably around the globe, not just in the U.S. and the massive reserves found in the us prices have come down,” said Krier.

Even more good news is that he expects prices to continue to drop for quite some time adding this is definitely a plus for our economy.

“Is this a good sign for our economy overall? I think it is, lower gas prices have the same effect as a tax break or cut so it helps everyone from large corporations, to a trucking fleet, to every U.S. household,” said Krier.

I asked if we could see prices creep down into the two dollar margin and unfortunately he doesn't believe it will go down that much any time soon, due to the lack of cooperation from Iran. But Krier said the trend is expected to last thru Labor Day.

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