Decrease in gas price sign of things to come?

April 20, 2012 5:12:04 AM PDT
There is a little less pain at the pump Friday, because for the first time since December, the price of a regular gallon of gas is dropping on the New Jersey Turnpike and Garden State Parkway.

Much has been made in recent weeks about gas prices falling and the fact that the worst may be behind us. And while nationally, prices at the pump have gone down, we are finally seeing some of the first evidence here - albeit very small.

For the first time four months, regular unleaded gas is down on toll roads. The price has dropped by just a penny to $3.80 a gallon, but the big question as we head into the summer driving season is whether this is a sign of things to come.

In New York state, regular unleaded averages $4.15 a gallon. Connecticut drivers are paying $4.17 a gallon. Both are well above the national average.

But there are three reasons for hope. Tensions over Iran's disputed nuclear program have eased, and two major east coast refineries that had been earmarked for closure now appear to be getting a new lease on life. Finally, there's President Obama's recent warning to oil speculators.

"We can't afford a situation where some speculators can reap million, while millions of American families get the short end of the stick," he said.

This decrease, while only a penny, is starting earlier than usual. The price usually starts to go down as we near the Memorial Day holiday.

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