Mid-South gas prices falling - WMC Action News 5 - Memphis, Tennessee

Mid-South gas prices falling

(WMC-TV) - Consider it an early Christmas present - gas prices are down in the Mid-South.

For motorists like Larry Bowles, it's been at least three decades since gasoline took such a big bite out of the family budget.

"I'm sure it affects everybody's budget when you go fill up with gasoline and it's 10 to 20 cents higher every week or month," he said.

Industry experts say as soon as the holiday travel season is over, the typical American household will have spent just over $4,000 filling up this year, which is a record.

Prices remain above $3 a gallon nationally despite slow economic growth and weak demand for fuel in the U.S., according to the American Automobile Association, because demand for crude oil is rising globally, especially in the developing nations of Asia and Latin America.

"We all know that it has a lot to do with the economy," said Cheryl Keating, of AAA. Keating also said, in the greater Memphis area, gas prices are up compared with last year.

"Last year at this same date, gas prices were $2.82 a gallon and today they are $3.02," she said. "So they are 20 cents higher than what they were last year the same date."

However, Keating said prices have dropped slightly when compared to last month.

"Our current gas price as of today is $3.02 a gallon which is down from a month ago and even a week ago," she said. "We expect them to go down through the New Year."

Bill Bloodworth has also noticed the price of gas taking up more and more of his family's budget this year, which could eventually impact his holiday travel plans.

"As a result of the gas prices I may not get to go," he said. "A 1,500 mile trip is quite a bit of a fuel expense, so it's a deciding factor on whether or not I'll go."

To find the cheapest gas in the Mid-South, click here.

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