It's about time! Gas dips below $3 a gallon

Gas prices have continued to tumble, and Beaufort County residents are paying less than $3 a gallon for the first time in months.

A survey Thursday of stations in Beaufort County showed an average cost of $2.89 a gallon for regular unleaded gasoline.

"I just enjoy watching (the price) drop at the pump," said Terry Fowler, owner of the Island Tire Shell station on Hilton Head Island. "I think this will make a big difference in people's minds."

At $2.89 a gallon, Fowler is selling more gasoline than he has in months, and more people are bringing cars into his shop for repairs that might have been delayed when fuel prices were higher.

More declines in gas prices are likely. The price of a barrel of oil fell Thursday to $68.57, the lowest since June 2007 and down by half since it hit a record high of $145.29 a barrel in July.

Carol Gifford, spokeswoman for AAA Carolinas, said the national average, which was $3.08 on Thursday, and the state average of $3.02, have fallen significantly in the past month.

The last time prices in the state were below $3 on average was in February, she said.

"We expect prices to continue to fall through the end of the year," Gifford said.

The Organization of Petroleum Exporting Countries has called an emergency meeting for next week to look for ways to stem the price decline. If OPEC restricts production of oil, it could slow or halt the price slide.

While lower prices obviously are good for consumers, service stations look forward to them, too.

Lower prices make shoppers more likely to head inside the store for a soda, chips or a lottery ticket, said Michael Fields, executive director of the S.C. Petroleum Marketers Association, which represents gas retailers and suppliers.

Those purchases of drinks, snacks and other items are "vitally important to the survival of convenience stores," Fields said.

The New York Times News Service contributed to this report.