Wall Street Plunge May Mean Gas Price Drop

Some experts predict gas will be up to 30 cents cheaper in coming days

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    NEWSLETTERS

    TK

    Who would have thought something positive would come out of Thursday's severe drop on Wall Street. Well, here it is -- lower gas prices.

    While the price at the pump in the D.C. area doesn't represent it yet, oil posted its lowest one-day drop in three months on Thursday. Crude prices fell nearly 6 percent.

    This is in response to the slowing global economy, lost confidence in U.S. economic growth and the expectation that demand for crude will weaken.

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    News4's Derrick Ward talks with a financial expert who says now is not the time to do anything drastic in response to Thursday's market plunge.

    As it stands, the price for a barrel of oil is well below where it was back in May when it sold for $115. On Friday morning it settled at around $85.

    If oil holds at these lower prices, we could see lower costs at the pump within the next few days across the country.

    Right now, the national average is $3.70 per gallon for regular, so experts are anticipating prices dipping to about $3.50 or $3.40 in the next few days.

    Locally, the current average price for a gallon of regular gas in D.C. is $3.91, according to AAA. In Maryland the average is $3.70 and in Virginia the average is $3.60.

    And if you're wondering, the cheapest average gas prices in the country can be found in Arizona, where the average has dropped to $3.39.