Gas Prices Could Stay Low through October - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Gas prices could stay low through October

Pumps off International Drive were completely occupied with drivers filling up tanks with gas less than $3 per gallon. | Source: Conor McCue Pumps off International Drive were completely occupied with drivers filling up tanks with gas less than $3 per gallon. | Source: Conor McCue

Horry County, SC (WMBF) - Car after car filed into the Murphy's Express gas station off International Drive early tonight. Each driver was looking for one thing: dirt cheap gasoline.

"It was the cheapest I've seen in eight years," said Ken Mackey.

Mackey is one of those drivers who were looking for a deal. He's visiting from Michigan, and says he's never seen anything like it. Back home, gas is almost $3.50.

"I just filled up right now, it was $75 and it's usually about $120," Mackey said.

Mackey isn't the only person rolling in the savings. Earlier today at the Lowes Foods across the street, Gary Alexander saved $20 because of the low prices.

"It'll be nice to spend that money on the family rather than put it in the gas tank," Alexander said.

Management professor at CCU Henry Lowenstein tells us these low prices aren't going anywhere. He tells WMBF News gas prices should stay low through October.

That means folks around the Grand Strand and Pee Dee can get used to these savings at the pump.

"I mean, we're talking about hundreds per month that I'd be saving on gas just because gas prices came down," Alexander said.

Lowenstein says the price drop is due to many factors. Simply, he says right now there is a huge supply of domestic oil and a lower demand.

The demand is low because America has become more efficient over the past years. The country is producing more oil that it ever has as well.

While experts could go on for hours, the most important thing to know is you are saving money.

"Everybody wants to save that money, we have to save that money right now," laughed Alexander.

Copyright 2014 WMBF News. All rights reserved.

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