Gas prices fall following record low oil prices
COLUMBIA - Gas prices continued to fall Tuesday after the price of oil fell below $0 per gallon on Monday.
When oil prices go into the negative, that means traders are willing to pay people to buy their product.
Timothy Davis, who was pumping gas at Break Time, said when he saw prices dropping, he expected them to rebound quickly.
"Actually, it's starting to go down a lot farther than I thought," he said. "I think it's going to help out a lot of families getting back and forth to work and help to get loved ones up to different places to see their family."
Davis said lower prices at the pump mean he has more money to spend on other essentials.
"It's giving me extra money to help support my family, buy formula and buy extra groceries for when all the prices do start going back up so we can have that stocked up," he said.
Oil prices went up on Tuesday, but they remained low. While gas prices have decreased due to lower oil prices, experts say drivers shouldn't expect to see almost-free gas at the pump.
According to the U.S. Energy Information Administration, which is part of the U.S. Department of Energy, only 35% of the price drivers pay for each gallon is determined by the price of crude oil. Things like taxes and marketing also add to the cost.