Slash in oil production may stabilize gas prices

ANY CHARGES. OPEC MAKES AN HISTORIC CUT IN OIL PRODUCTION TODAY--- PUMPING 2 POINT 2 MILLION ...  More »

ANY CHARGES. OPEC MAKES AN HISTORIC CUT IN OIL PRODUCTION TODAY--- PUMPING 2 POINT 2 MILLION FEWER BARRELS A DAY. BUT ONE LOCAL ANALYST SAYS THAT MAY NOT STOP THE FREE FALL AT THE PUMP. JOE VIGIL IS LIVE ON THE GAS WATCH TONIGHT TO SHOW US WHY. ONE EXPERT SAYS THE CUT MAY NOT BE STEEP ENOUGH TO SEND GAS PRICES SOARING AGAIN. IN FACT IN THE SHORT RUN---PRICES COULD CONTINUE FALLING. HOW'S YOUR GAS BUDGET THESE DAYS? PROBABLY A LOT BETTER THAN THIS SUMMER WHEN NEW MEXICANS WERE PAYING FOUR DOLLARS OR MORE PER GALLON. 'I got a diesel truck I use for work it was costing me 130 dollars to fill up now it's down to like 60. Nice. Yea.' SCOTT ISHAM WILL PROBABLY HIT THE SLOPES MORE WITH CURRENT PRICES. 'Do a lot of snowboarding go up north Wolf Creek Ski area.'BUT WILL OPEC BE A BUZZ KILLER AT THE PUMP... BY SLASHING OIL PRODUCTION BY MORE THAN 2 MILLION BARRELS A DAY. 'I don't see a significant impact on the price of gasoline at the pump to New Mexicans.' EVEN WITH THE CUT BOB GALLAGHER THINKS DEMAND WILL CONTINUE FALLING FOR NOW. HE ALSO SAYS OPEC ISN'T THE DOMINANT SUPPLIER OF U-S OIL AS IT ONCE WAS. 'Instead of getting 60% of oil from OPEC countries we're now at about 35 or 36%.' PULLING OUT THE CRYSTAL BALL HERE'S WHAT THE PRESIDENT OF THE NEW MEXICO OIL AND GAS ASSOCIATION PREDICTS. HE THINKS THE AVERAGE PRICE OF GAS COULD ACTUALLY FALL INTO THE 1.30'S FROM NOW UNTIL FEBRUARY. THEN EXPECTS IT TO CREEP BACK UP IN THE SPRING AS DRIVING RAMPS UP. HE PUTS GAS AT AROUND 2.25 A GALLON BY JUNE...MAYBE 2.50 NEXT JULY. WE ALSO ASKED HIM IF WE'LL SEE THE DREADED FOUR DOLLARS AGAIN. 'I don't every anticipate seeing 4 in the next five years.'THERE'S ALSO BEEN TALK ABOUT GAS FOR A DOLLAR A GALLON. 'I don't think that's realistic.'GALLAGHER EXPECTS OIL PRICES TO STABILIZE OVER THE NEXT 3-4 YEARS...WITH PEOPLE PAYING NOT MORE THAN THREE DOLLARS A GALLON. OWNERS OF ECLIPSE 500 VERY  « Less