Gas Prices: How Low Will They Go?

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Knoxville (WVLT) - This week has been a driver's dream come true: Low gas prices.

In Knoxville, the average price is $2.24 a gallon, but we're seeing prices as low as $2.18 a gallon. That's almost 18 cents cheaper than last week. We caught up with some folks who depend on lower prices to make working worth it. They say this week's prices are quite a relief.

"I hate to say that $2.18 sounds good, but it does for now," Papa John's driver Jared Cooper said.

It sounds real good, especially to folks who have to fill up their work vehicles out of their own pockets.

"I had a half a tank before I came in, and I'm just filling it up before it gets any higher," Cooper said.

But why, so suddenly, are prices so low?

"That's happening because the Middle East is calming down, we're not having a horrible hurricane season like we had last year, there's plenty of gasoline out there, the supplies are up," AAA Spokesman Don Lindsey said.

AAA's Fuel Gauge Report shows the national average price for regular-unleaded gas is $2.47, but in Knoxville, we're lucking out.

"I saw 'em for $2.18 and my buddy was telling me he saw them for $2.09. So it really helps out in our business out here," Cleveland Drummond from B-Line Taxi said.

At McGhee-Tyson Airport, taxi drivers are all smiles over the low prices.

"We don't have to pay the high prices, so we get to go further for less money," James Dixon from A+ Taxi said.

"Fuel prices effect almost every part of the economy, but it takes a while for it to filter through," Lindsey said.

When prices went up again this summer, many cab companies did away with the airport flat rate to help cover extra costs.

"Downtown was 25. On the meter, it runs 30 to 31," Dixon said.

Now that extra money will come in handy as cab drivers head to the pumps.

"We split with the owners, so we have to pay half the gas prices for the cabs," Dixon said.

But while the falling prices are certainly welcome, in this pricing game, you never know what price might pop up next.

On September 5th, 2005, the nation hit the record highest price from regular unleaded at $3.05 a gallon. If things continue to go well, we might be lucky enough to see prices move under the two dollar mark.