Residents Pleased with Decreasing Gas Prices, Hope for More
10/25/2014
Filling up his 1966 Oldsmobile at the Wallingford Stop & Shop gas station Friday, resident Bob Ramadei was pleased with the declining prices at the pump, but joked it could still be less.
"I think it's great, it could be another dollar," Ramadei said.
Usually to fill up his nearly 50-year-old car costs about $70. Almost topping it off Friday cost Ramadei about $50. He was optimistic prices would continue to trend downward.
Gasoline prices throughout the state have declined in recent months, particular in the central Connecticut area.
Statewide, gas prices are averaging about $3.40, according to www.connecticutgasprices. com, down about 30 cents from this time last year. During the day, Friday, the Stop and Shop gas station was selling fuel as low a $3.11 per gallon, which was the norm for the area.
Ed Scott, of Cheshire, echoed Ramadei's comment about the lower prices, but also wishes it was even lower. Stop & Shop gas station shoppers can trim the price even more by earning points in the grocery store. Scott said usually he fills up at the BJ's in Southington because the prices are even cheaper, but once Stop & Shop points accumulate he will use them. BJ's was selling gas for $3.05 per gallon Friday, according to www.hartfordgasprices. com.
In a one-month period, motorists have seen a dip of about 24 cents per gallon, said AAA Southern New England spokesman Fran Mayko. He pointed to crude oil being on a "downswing".
"It's the driving force for lowering prices at the pump," Mayko said. "I've heard it's as low as $82 a barrel, which is incredibly low."
Kevin Curry, co-owner of Danby's Gasoline Marketers, said pricing boils down to trading out of New York and the world supply market. Curry said the gas stations are notified by Gulf Oil every night about 6 p.m. what the price change is going to be, and recently the change has been dramatic.
"It's faster than I have ever seen it move," Curry said.
One of Curry's Danby's gas stations was selling fuel at $3.15 per gallon Friday.
Curry said the drop in gas prices is a benefit to the rest of the economy. Transportation costs of goods and services can often be high and only increase when fuel prices are high.
Mayko added that the number of people driving has decreased in the state and globally, which decreased the demand for fuel. There is also an abundant supply of fuel, but she was confident prices would rise by the upcoming holidays.
Michael Flannery, of Middlefield, fueled up his pickup truck at the Mobil gas station on Route 5 in Wallingford Friday afternoon. Flannery said this was the first time in a while it cost under $100 to fill his truck. Flannery speculated the drop in fuel prices had to do with the upcoming elections.
"It'll be proven if, after the election, it goes north again," Flannery said.
But for now, everyone fueling up in Wallingford said the drop was great while it lasts. Marianne Vath, a mother of three from Southington, said she is saving about $30 per month with the drop in price.
With a Sport Utility Vehicle, Vath said it can get expensive driving her children to all their sports and extracurricular activities.
Justin Weekes - Originally published in Record-Journal (Meriden, CT)
