Gas prices should keep falling, may hit $1.99 in Madison - WKOW 27: Madison, WI Breaking News, Weather and Sports

Gas prices should keep falling, may hit $1.99 in Madison


Madison (WKOW) -- Joe "the Pumper" Clout sums up what most of us are feeling at the pump these days: "This is great. I love it," he said.

The free-fall of Madison's gas prices has continued for a month with no signs of slowing down.  The average price, according to AAA, is about $2.32 a gallon for regular on Thursday.  The last time the average price was that low happened in the winter of 2007.

"We're going to see the trend slow," said AAA Wisconsin spokesman Larry Kamholz. "We're going to continue to see prices drop, but not at the same rate we're used to."

Kamholz says the falling prices are mostly due to low U.S. demand. Supply remains high, so simple economics pushes gas prices down.  He says even shrinking overseas oil production probably will not push prices up this year.

And there's even more promising news.

$1.99 gas? 

"It's possible," said Kamholz. "It's possible."

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