Gas Reaches $2 and Less; Oil Prices Lowest in Three Years

Remember during the summer when people were sick of hearing about how gas prices kept going up and up? Lately, automotive news has focused on the auto industry bailout and the financial woes of the Detroit Big Three. Finally, for once, we get to write a positive news story.

Oil prices have dropped to levels not seen in more than three years, and at the pump, drivers are paying less than $2 in about half the country.
Oil prices Thursday fell as low as $49.75 a barrel, levels last seen on May 18, 2005, when oil was at $46.80 a barrel. Since the record $4.11 a gallon price in July, gas prices have dropped more than 50 percent to $2 a gallon in just four months, reports the AP and MSNBC.
The U.S. Department of Transportation said on Wednesday that Americans drove almost 11 billion fewer miles in September. If OPEC cuts oil production, the price of gas will probably level out though.
Gas less than $2
A gas station in Texas sells regular gas at $1.98 a gallon.
Image via via member "cobalt123".