October 31, 2014
RENO, NV - With gas prices dropping 30 cents in one month in Reno, drivers are noticing. They say those savings mean extra spending money this summer.
Just a few months ago, analysts had been predicting we would see $5 a gallon gas this summer. But in many states, the price has dipped below $3 a gallon for regular unleaded.
In Reno, the average price for regular unleaded is $3.79 a gallon. That's 30 cents less than we were paying a month ago when it was $4.09 a gallon.
Experts say there are three reasons prices are plummeting: demand is down since the high prices forced many people to leave their cars at home, oil production is up, and the recession in Europe is slowing demand on emerging markets like China, lowering crude oil prices.
An AAA spokesperson told KOLO 8 News Now that he expects gas prices to keep going down in the near future. However, you may see a slight increase in prices around July 4 since prices do tend to go up around the holidays.