Gas prices take a dip

WEST LAFAYETTE, Ind. (WLFI) - If you filled up your tank lately, then you probably drove away with a smile on your face. 

Gas prices are as low as $3.05 in the Lafayette area and according to Purdue Energy Economist Wally Tyner we could see them dip even further. This is due to the higher than normal supply of fuel we have in the region. 

According to AAA the national average is $3.25. That's down about $0.25 from a month ago. Tyner said refineries have no choice but to sell gas at a low price.

"It's supply and demand. You've got all kinds of brands and all kinds of stations. Everybody's got gasoline they got to get rid of. Crude inventories are high. They have to put it through their refinery. They can't just shut the thing down.  So there's too much supply chasing too little demand and that puts downward pressure on prices," said Tyner.   

Tyner added he doesn't know how long the dip will last because the holiday driving season is still ahead which will most likely make them shoot back up.