Gas prices fall below $2 in Tampa Bay area

Posted at 4:59 PM, Sep 14, 2015
and last updated 2015-09-14 16:59:29-04

Right now, we are all getting a break at the pump as gas prices fall below $2 in Tampa.

But that’s not necessarily all good.

Nationwide prices dipped 6 cents from last week and you can expect another week of discounts at the pump.

A year ago prices were almost double at $3.40.

So if you ask anyone filling up their tank, it’s clear they have more to smile about.   

According to AAA, the market is over-saturated with oil right now helping to keep prices down.

And the cost to produce gasoline will get even cheaper as refineries shift to a winter-blend oil that is easier to make and contains fewer additives.

But economists say there are a few downsides to lower gas prices, like it could be a signal that the world-wide economy is slowing down. Countries like Iran and Russia that depend heavily on oil revenue run the risk of becoming unstable.

As for the U.S., states like Texas that produce oil could start shredding jobs.

For the environment it’s not good either, low prices give people less of a reason to buy fuel efficient cars.

And if gas is cheaper, more people drive which means more accidents.

It’s unclear exactly how low prices will go in the coming months, but AAA says gas still has another 15 cents to fall before hitting the same low price we saw back in January.