Gas, Crude Oil Prices Continue To Drop

Friday,  November 21, 2008 8:21 AM

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BROOK PARK, Ohio — Pulling up to the pump is little less painful in Ohio.

Gas prices in some places across Ohio are below $1.70 a gallon.

As the price of crude oil drops, it looks like fuel prices will continue to do the same.

"I thought we would never see the price to go back down below $3.50," said one driver in Brook Park.  "I honestly did not."

Still, experts say the overall economy may not benefit from those plummeting fuel prices.

"People were deliberately going out and cutting back on the usage of gasoline when it was $4 a gallon," said Cleveland State University professor Ken Borokhovich, Ph.D.  "Now they're cutting back because they're worried about losing their jobs and they don't want to spend as much money."

Uncertainty keeps lower gas prices from being as good for the economy as they could be.

Consumers are uncomfortable about spending right now.

"The auto industry is asking for money.  Car sales are going down.  Why would you want to buy a car now if you can buy the same car for less money in a year?" asked Borokhovich.  "The same thing with major appliances and that sort of thing.  Postpone it and you can buy at cheaper prices."

"Christmas, I'm being very careful," said a Cleveland-area resident.  "I don't want to, you never know what's going to happen next."

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