Gas prices sink below $2
« Thread Started on Nov 21, 2008, 4:30pm »

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Gas prices sink below $2
Posted: 10:37 AM ET
By David Goldman and Aaron Smith
CNNMoney.com
NEW YORK (CNNMoney.com) — It took gas prices more than three years to
rise from $2 to a record high of $4.11, but just four months to plummet all the
way back again - and then some.

For the first time since March 9, 2005, the average price of gasoline
fell below $2 a gallon, according to a report from motorist group AAA.The nationwide average price dropped to $1.989 a gallon, down from $2.02
on Thursday. The survey bases its information on credit card swipes from up to
100,000 service stations across the nation.

“It’s almost an embarrassment of riches after what we saw earlier this
year,” said Peter Beutel, president of New Canaan, Conn.-based energy risk
management firm Cameron Hanover. “This is absolutely the most amazing year I’ve
ever seen in energy.”

Beutel said that he expects the nationwide average to keep falling to
about $1.75.

“I think in some of these very low-cost areas like New Jersey or Texas,
you might even see it come down to $1.65,” said Beutel.

The plunge in the nationwide average price comes as welcome news to
Americans who are traveling for the Thanksgiving holiday.