Gas prices still high as oil prices drop

Latest on Gas and Fuel Costs

May 6, 2011 3:19:46 PM PDT
Oil dropped another two and a half dollars on Friday to close at just above ninety-seven dollars.

For the week, oil dropped nearly seventeen dollars, almost fifteen percent.

So the big question on everybody's mind is will all of these decreases translate into some relief at the gas pump.

Triple A says that the national gas price today for regular unleaded is $3.98 per gallon, which means it is $1.05 higher now than it was a year ago.

New York's gas prices are $4.18 a gallon. New Jersey's gas prices are $3.80 a gallon and Connecticut's prices are the highest at $4.20 a gallon.

So it is a valid question. When oil was up, gas went up, which means shouldn't the reverse now happen?

Everyone is feeling the pain at the pump: from small businesses to motorists, and this new revelation is going to have people wondering if relief could be in sight.

Actually, there could be light at the end of the tunnel since the price of crude oil has dropped two days in a row. The next logical step would be that gas prices should plummet too, but that might not be the case.

Michael Fox who represents gas station owners in Connecticut puts the blame on the distributors, for gas prices inconsistencies. Fox says that the distributers are quick to raise the wholesale price of gas but they aren't so quick to lower those prices accordingly.

Motorist Bruce Mallory does not believe there is a chance of gas prices lowering even though oil prices dropped.

"We'll never see it like it was," Mallory said.

Experts say that crude oil would have to stay at or below a hundred dollars a barrel for almost ten days in order to see a significant drop at the pump.

Even though motorists agree that lower oil prices should in turn mean lower gas prices, they are not optimistic about that happening.

Fox, on the other hand believes that people will likely see cheaper prices by Monday, but he isn't too sure how long those cheaper prices will last.