$1.61 a gallon is the price at some pumps

November 11, 2008 5:13:04 PM PST
With oil prices at a 20-month low, drivers are seeing a lot of price relief at the pump. Gasoline prices are below $2 a gallon in a number of states -- and at some service stations, the prices are approaching $1.50.

They fell overnight to a national average of $2.22 a gallon, dragged down by the falling price of crude -- which now costs 60 percent less than it did in mid-July. Oil industry analysts had figured that even if the U.S. and other western nations went into recession, China and India would continue to buy crude. But the booming economies in Asia are showing signs of fatigue.

In Missouri, a Web site called GasBuddy.com -- where consumers post prices that they spot -- said a few stations in the Kansas City area are charging $1.61 for regular. Drivers are paying just slightly more in parts of Oklahoma, Iowa, Ohio and Texas.