Despite OPEC’s decision to cut production, the price of a barrel of oil continues to fall and so do gasoline prices. Prices have fallen even further in the last week, for a total of an average of 25 cents for the month of October.

Gas reached peaks of over $3 per gallon earlier in the year, but with gas now averaging about $2.20 per gallon nationwide, consumers are breathing a sigh of relief and their confidence in the economy shows in the market. But gas prices affect more than the general economy and decisions about long road trips.

When gas prices were rising the effects on personal finance were measurable according to Wayne Hochwarter, an associate professor of management in the College of Business at Florida State University.

Hochwarter’s study found that although the consumption of gasoline did not decrease, expenses in other areas of personal finance changed. The cost of gas forced consumers to rethink the way they spend money and at times cut back on necessities as well as non-essential expenditures.

Hochwarter also found that the stress of such worries negatively affected employees at work, leading to more job stress, lower job performance and depression.

Read about Hochwarter’s study here. Then, if you are in Oklahoma City, go fill your tank for $1.81 per gallon.

University of Washington geologist, Eric Cheney, says that it is not true that the world is running out of oil. In effect, he maintains that we will never run out of the fossil fuel:

“The most common question I get is, ‘When are we going to run out of oil.’ The correct response is, ‘Never,’” said Eric Cheney. “It might be a heck of a lot more expensive than it is now, but there will always be some oil available at a price, perhaps $10 to $100 a gallon.”

Changing economics, technological advances and efforts such as recycling and substitution make the world’s mineral resources virtually infinite, said Cheney, a UW professor emeritus of Earth and space sciences. For instance, oil deposits unreachable 40 years ago can be tapped today using improved technology, and oil once too costly to extract from tar sands, organic matter or coal is now worth manufacturing. Though some resources might be costlier now, they still are needed.

It is certainly true that we hear less about oil running out than we did twenty years ago. Fuel prices tend to rise for political or weather reasons, rather than through any real depletion of oil left in the ground. So, although prices will rise slowly over the years, it is unlikely that there will be a sudden catastrophe when the last drop is squeezed from the wells.

You can read all of what Eric Cheney has to say by going to the University of Washington site.

Gas prices are dropping all over. As the price of gas plummets, one of the biggest cash outflows from the average consumer’s wallet is predicted to slow to a trickle.

The lowest gas price in the country, as of this writing, is in Branson, Missouri at $1.85 per gallon.

Even at that low price, it may not be economical for everyone to drive to Missouri for gas. To check for the lowest prices in your area, check out this nifty site at MSN. Just input your zip code for a list of the prices at local gas stations.

Gas Prices - MSN Autos

Oil prices continued to slide down, dropping again today another 82 cents per barrel. The truce in the Middle East, a possible decrease in air travel and the good news that the damage to the BP pipeline in Alaska is less severe than first reported, all are responsible. BP is still pumping and half the oilfield is open while repairs on the pipeline continue.

Prices at the pump were lower by an average of 4 cents last week following the announcement of the cease-fire and consumers have seen some relief from the climb of gasoline prices over the previous three weeks.