Goldman Sachs estimates that Americans stand to save $75 billion from the recent drop in gasoline prices. That works out to about $1,100 a year per household.
Now, a gas station in Oklahoma City has apparently become the first in the nation to lower the price of gas below $2 a gallon since July 2010.
Yesterday, the OnCue station dropped its price from $2.11 to 1.99 for a gallon of regular gas. That prompted long lines of drivers waiting to fill up, and set off a price war with nearby competitors, who dropped their prices too.
Jim Griffith heads the company that owns the gas station and joins Here & Now's Peter O'Dowd to explain why he dropped the price below $2.
- Jim Griffith, CEO of OnCue Express, based in Oklahoma.
This segment aired on December 4, 2014.