The recent drop in gas prices will likely give San Diegans a temporary boost. Many gas stations around the county are selling regular unleaded gas for less than $3 per gallon.
"We've never seen local gas prices come down this fast in such a short period," said Jeffrey Spring Spokesperson for the Auto Club.
Alan Gin, Professor of Economics at the University of San Diego, among others, believe this will only be a temporary boost to the economy. Professor Dan Seiver at the SDSU School of Finance advised people to enjoy the low gas prices.
"It's not going to solve the housing crisis, it's not going to stop the markets from falling, but it's going to make people feel better," said Seiver.
Oil dropped below 63 dollars a barrel on Friday morning, leading to the drop in gas prices. Some say oil prices could go even lower in the short-term.
"With the collapsing stock markets and a stronger dollar, it doesn't look like there's going to be any end in sight in the near term for the falling price of oil" said Ralph Preston, Senior Analyst with Heritage West Futures. He said the price of oil could drop to $50 a barrel and that some people were reserving the right to sell oil at $30 to $40 per barrel.
Preston and others say these price swings are unprecedented and the price of oil and gas could jump back to their record highs by the end of this year or next.
