Springfield-Area Gas Prices Down 5 Cents a Gallon
(WGGB) — The price of a gallon of gas continues to fall across the area.
For the sixth straight week, the average in the Springfield area has dropped – this time, five cents over the last week to $3.49 per gallon.
The survey, conducted by GasBuddy.com, was conduced among 257 gas stations across the area.
The national average is also dropping. GasBuddy.com says that the national average has fallen two cents over the last week – to $3.45 per gallon.
“The national average has now dropped to its lowest level since February, and with the end of the summer driving season nearing, we’ll likely see gas prices continuing the downward trend,” explains Patrick DeHaan, GasBuddy.com’s Senior Petroleum Analyst.
DeHaan notes that while a “short term increase” in prices can’t be ruled out, the chances of a price spike are decreasing, due to expected lower demand after Labor Day, oil prices currently under $100 per barrel, and a change back to “cheaper winter gasoline.”
Here’s a look at the local gas prices over the last several weeks:
- July 14 – $3.69/gallon
- July 21 – $3.66/gallon
- July 28 – $3.62/gallon
- Aug. 4 – $3.58/gallon
- Aug. 11 – $3.53/gallon
- Aug. 18 – $3.49/gallon
“Oil prices spiked in June because of what was going on in Iraq. And ever since then, prices have been coming down,” said Karl Petrick, Associate Professor of Economics at Western New England University. “Of course when oil prices go down, this also causes gas prices to go down”.
Petrick believes the reason is because of more production in the U.S. and a lower demand world-wide.
“In many places, in U.S. we’re growing, but not very quickly. Europe is looking at a potential recession,” said Petrick.
This time a year ago, the state’s average gas price was 16 cents higher at $3.66 per gallon. Now, the average is $3.51 per gallon. It’s good news for drivers and many are happy.
“I think it’s pretty good. We don’t have to concentrate on going to and from work, worrying about how high the gas is and where we’re going to stop next for the cheapest gas,” said Javier Delvares from Springfield.
For some, it’s also the perfect time to take a last-minute trip before summer ends.
“I love to go to New York! So, when the gas is low, well you know I’m going to fill up my car and go to New York!,” said Yolanda Carambot from Springfield.
This downward trend is expected to continue.
If you are looking for the lowest prices in your area, check out the ABC40 Gas Tracker.