Syracuse, New York (WSYR-TV) - It's the kind of gas price record you’re happy to hear about. Never before have prices fallen so much, in so little time.
Along Route 31 in Cicero on Monday morning, the price was $2.44 a gallon at the Fastrac, Citgo and Kwikfill.
Back in July, the average in Syracuse was $4.23. The average now is $2.71.
So, if you drive an SUV with a 20 gallon tank, you were paying $84.60 to fill up. It's now $54.20. A mid-sized car used to cost $67.68, now you'll pay $43.36. For a small car with a 12 gallon tank, it was $50.76, now it's $32.52.
The Lundberg Survey says the reason for the drop is because crude oil prices have fallen so significantly and demand for gas is way down. Prices are expected to keep on this downward trend, but not fall as quickly as they have in the last few weeks.
Oil prices hit $63 a barrel Monday morning, that's the lowest price since May 2007 and less than half of what it was just this summer.
This new low comes despite OPEC cutting production more 1.5 million barrels a day. Investors are instead focusing on the falling demand for oil.
