Gas Prices Expected to Plunge After Reaching Record Highs

Mark Greenblatt reports lower prices at the pump are expected soon.
3:00 | 10/21/12

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Transcript for Gas Prices Expected to Plunge After Reaching Record Highs
One of the big issues in the election has been high gas prices which may explains that energy policy provoked the most hee heated moment in last week's debate. But now as election day approaches, gas prices are about to take a big plunge. A happy u-turn. Mark glereenblatt is at a gas station in new york city. They're going down fast. Here this morning in new york, price for regular unleaded gallon of gas is $4.14. At long last gas prices look like they're final plunging. Soon, every gallon could cost50 cents less. It's a good thing. 50 cents is significant. Reporter: For drivers on an eye on the holidays it's not a moment too soon from montana to florida, prices are finally headed in the right direction -- down. With the national average falling 17 cents this month to 3.69. Gasbuddy.Com predicts they'll keep falling. Coupled with an expected with a drop in demand which we're already seeing equals lower price. Reporter: One reason, problems with oil refineries on the west coast has begun to so Consumers don't want to wait three weeks for more relief, they saw gas rise above $5 a gallon. But there's good news for those in california, if there's not a major world e. We're told that prices could drop as much as $1 for california drivers.

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