Birmingham gas prices are dropping, but what does this mean for people’s wallets?

Birmingham gas prices are dropping, but what does this mean for people’s wallets?

An economics professor at UAB says drivers should be able to spend less filling their tanks for at least a few more weeks. But some local drivers say prices still aren’t low enough to impact their wallets in a meaningful way amid nationwide inflation.

“The prices are still outrageous,” I Believe in Birmingham (IBIB) Facebook group member Jade Wilson commented. “Dropping the fuel prices a few cents isn’t helping much of anything. You’ve got people out here that are struggling and spending more on gas than they are on food every month.”

Several other IBIB group members agreed with Wilson in their comments.

“[gas is] still a lot higher than a couple of years ago,” wrote Steve Pegues. “Sad when we think 2.90 a gallon is a good deal.”

Gas prices in the Birmingham metro have decreased $0.35 on average since this time last year and $0.02 since last week according to a weekly Stacker update compiled from AAA data. This trend is expected to continue as fuel demand dips and production increases going into the winter season, according to Ben Meadows, an assistant professor of economics at UAB.