Gas Prices Continue to Decline

In Massachusetts, Connecticut and Vermont, prices have fallen 15 cents a gallon in the last month and nearly 40 cents from a year ago. Patrick DeHaan is a Senior Petroleum Analyst with the website Gas Buddy dot com. He says there are a number of reasons for the decline in cost from 2012.

 ”Inventories are adequate, refineries in the East Coast that were down or restarting last year have been producing gasoline this year and oil prices have diminished as well and that’s kept pressure on prices to move lower.”

DeHaan says gas prices generally do not keep people home during busy travel times in spring and summer, including Memorial Day. He says lower prices might allow people to pursue other recreational activities which require gasoline.

 ”Gas prices tend not to have a significant impact on travel, they go regardless of if they view prices are high or not. It’s just the discretionary gasoline consumption that they may pace. They may just put the boat in the lake and not run it. But this year, we could see more of folks actually utilizing that recreational vehicle or a boat.”

DeHaan says he predicts the price for a gallon of gas to rise into the mid to upper 3-dollar range over the course of the summer, but does not expect a large increase.