Fill it up and save

How about starting the week with some good economic news?

Gasoline prices are in the midst of one of the sharpest declines on record, down to $3.25 nationally.

Wait. It seems like it’s a lot less along Noland Road and along Missouri 7. Why yes, half a dozen mostly Midwestern states are below $3. Those six average $2.83.

But that Noland Road thing ... Why yes, those filling up this morning paid around $2.559 – even lower in some places – a welcome contrast to the nearly $4 we saw over the summer. All in all, the nationwide average has dropped 21 percent since its peak of $4.11 in mid-July (and somewhat sharper on Noland Road).

Why is this? Demand is down in a nervous economy, the summer driving season is over, and hurricane season is winding down, easing fears about oil production in the Gulf of Mexico. Oil, which hit at sobering $147.27 a barrel in July, was down to $77.49 at the end of last week.

It’s not exactly like free money for consumers – we’re saying 19 percent more for gas than we were a year ago – but it feels like a bit of welcome relief.