KNOXVILLE (WVLT) -- You won't find it in your stocking, but lower gas prices could be another gift this holiday season. East Tennessee AAA says that over the next few weeks, prices could be hovering anywhere from between what you're paying now, to even less.

The auto club says it's a gift from a weakening economy that's really become a financial lump of coal. The national unemployment rate hit a 14 year high in October at 6.5%. November's numbers are expected Friday. Drivers say cheap gas is much needed holiday help.

"It is like an early Christmas present," Carl Hall said as he filled up his car.

He says he plans to use the money he saves on gas to buy his wife nicer Christmas gifts.

"It will be a merry Christmas, which makes me look better in the end," Hall said.

AAA says Knoxville's average price for a gallon of regular unleaded is $1.71, down more than $2.00 from six months ago. AAA says drivers haven't filled up at prices like this in about three and half years.

"The main reason is oil is so cheap," AAA spokeswoman Stephanie Milani said Tuesday.

Oil is so cheap that it closed at $46.96 a barrel on Tuesday, which is its lowest price in about three and half years. AAA says the slowing global economy is what has dropped the demand for oil. Another reason we are seeing lower prices at the pump is because the members of the Organization of the Petroleum Exporting Countries (OPEC) have not cut back production.

"It's very feasible that oil could decrease in price more than it has right now," Milani said.

So it may not be wrapped under your tree, but the gift of even cheaper gas could be on its way. To prepare, Knoxville drivers are adding it to their list, and checking it twice.

"I'd like to see $1.25 a gallon, that would really make my Christmas," said David Stokely, who was filling up on Tuesday evening.

"Go ahead and get it around .99 cents a gallon again like used to be," said Frank Shanklin Jr., another driver.

Drivers also say lower prices mean Santa won't be the only one making a holiday trip.

"It'll definitely let me consider going out of town, going to Kentucky or North Carolina for the holidays," Shanklin said.

"That means we can go and see my family in Cocke County," Stokely said.
AAA is quick to warn that gas prices can only go so low, and will eventually begin rising again. When that will happen, no one seems to know, but drivers are hopefully these holiday season prices will last.

"Hopefully it's an early New Years present, an early Valentines Day present and it just keeps going," Hall said.

OPEC Member Countries, which include Saudi Arabia, Iraq, and Kuwait, produce about 45% of the world's crude oil. Their next meeting is in about two weeks and they could decide to reduce production. If they do, economists believe the price of gas could start to climb again.

The U.S. Government's Energy Information Agency says through the first week of December, pump prices had fallen for 11 straight weeks.