In St. Bernard Parish, the price at the pump is falling faster than the value of most people's individual retirement account.

WWL-TV

Gas prices lowered in St. Bernard.

We found gasoline selling for as low as $2.85 a gallon.

That's about 70-cents lower than the Louisiana average, $3.54 per gallon.

"It's a relief," said one man gassing up at the Palms gas station on St. Bernard Highway.

"Man this is awesome," said a taxi driver.

Customers say the falling gas prices give their wallets a little breathing room.

"It helps all the small companies like us,” said one small businessman. “We do a lot of renovations and construction, so it helps. It takes it right out of your lunch money.

"It's a big part of the money we spend now-a-days. I think it's ridiculous to begin with, but it's a relief."

The AAA's Don Redman says as the U.S. economy continues to struggle, people are cutting back on the amount of gasoline they use. He adds, right now the law of supply and demand is in the consumer's favor.

"The good news is, despite the drop in the economy, at least the gasoline prices are dropping accordingly," said Redman. "It's going to give us a break in these hard financial times."

The AAA predicts we could soon see lower gas prices throughout Greater New Orleans.

Right now, the wholesale cost of gasoline is about $2.15 per gallon at the refinery.

"Adding the taxes to the wholesale price, we're looking at possibly as low as $2.75 in the coming weeks," said Redman.

Here's a look at where gas prices have been in Louisiana

In July, they peaked at $4,07 a gallon.

Less than a month ago, the average was about $3.80 after Hurricanes Gustav and Ike.

Today's average price of $3.54 is the lowest it's been since May.