Gas prices dropping below $3 throughout parts of central Indiana

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By Michael Henrich

INDIANAPOLIS, Ind. (Oct. 17, 2014) -- Several Hoosiers throughout central Indiana are experiencing a welcome surprise: gas prices in many places have dropped below $3 per gallon.

Some of the lowest prices seen in Indianapolis are on the west side, where $2.91 is now fairly common up and down Lafayette Road.

Overall, the price-tracking website pegs the average price of a gallon of gasoline in Indianapolis at $3.10 and falling.  One month ago the price was $3.34 and one year ago the cost was $3.46, the site states.

Purdue University energy economist Wally Tyner spoke with Fox News Channel about the trends.

"For every dollar that crude oil falls, that's 2.5 cents at the pump," Tyner said.  "So a $20 drop in crude oil is 50 cents at the pump."

Tyner said oil production in the United States has reached its highest levels in 30 years.  Shale oil production, in particular, has risen 25 percent in the past five years, the economist said.

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