THE ECONOMY: Gas under $3 in some parts of state

By Barrett Newkirk, Herald Bulletin Staff Writer

October 09, 2008 09:32 pm

— ANDERSON — Gas prices fell dramatically Thursday, dipping down to as low as $3.13 in Madison County and under $3 in other parts of Indiana.
“I’m used to it going up 25 cents not down 25 cents,” said Cindy Pugsley, who paid $3.13 per gallon at a downtown gas station before heading home to Alexandria late Thursday.
“It’s nice,” she said. “Especially since I procrastinate. I was supposed to get gas yesterday.”
Pugsley traded in her Chevy Blazer for a Toyota Highlander hybrid at the start of the year and now gets about 10 more miles per gallon of fuel. Paying more than $50 to fill up her tank had been the norm for “too long,” she said, but on Thursday she paid $43.65 for almost 14 gallons.
The price at the pump mimicked the recent drop in the price of crude oil, which fell to $89 earlier this week. Oil prices have fallen about 40 percent since peaking near $150 in July.
The Organization of Petroleum Exporting Countries may cut production if prices fall further, but the scope of such cuts would be limited by concern higher energy costs would exacerbate the global economic slowdown, Peter McGuire, managing director at investment firm Commodity Warrants Australia in Sydney, told The Associated Press.
Joe Clark, financial planner and columnist for The Herald Bulletin, said the drop in fuel prices would put an extra $100 billion into the pockets of Americans to help the overall economy.
Fahad Javed, a Fishers resident who commutes to Anderson, said the drop was saving him about $10 on his weekly fill up.
“With everything going on with the economy, it’s nice to have one thing that costs a little less,” he said.
Pat Coen said he could save hundreds of dollars in the coming weeks if gas prices stay where they’re at.
The truck he uses to delivery barbecue equipment around the Midwest gets about seven miles per gallon, he said. Last week, he spent $600 in fuel making a delivery to Tennessee.
The price drop “is going to be a big help, because I’ve got to drive to Chicago in the morning,” he said.
Coen didn’t want to speculate if the price would continue to fall.
“I’m trying to be an optimist and say yes, but I’m a pessimist, so it probably won’t,” he said.
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Gas prices around Madison County on Thursday
Anderson
— Ricker’s, 38th Street and Madison Avenue, $3.37
— Rick’s Food, Martin Luther King Boulevard and Madison Avenue, $3.37
— Marathon, Mounds Road, $3.36
— Gas America, Ohio Avenue, $3.37
— Gas America, Interstate 69 Exit 22, $3.37
— Ricker’s, 53rd Street Bypass, $3.19
— Ricker’s, Eighth and Jackson streets, $3.19
— McClure’s, Main Street, $3.18
Chesterfield
— Ricker’s, $3.19
Daleville
— Pilot, $3.37

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