By Kim Kalunian, WPRO News
Prices at the pump are moving lower as the price of crude oil hits a five-year low.
“Clearly we’re looking at a trend here that is, I think, here to stay for some time to come,” said Lloyd Albert, AAA Southern New England’s Vice President of Public and Government Affairs. “Good news for consumers.”
The price of crude oil was down 4.5 percent Tuesday, to roughly $61 a barrel.
“We are looking at an absolutely precipitous drop in the price of crude oil today,” said Albert Tuesday. “And that’s translating directly to the prices at the pump – we’re down 90 cents as of today from the high point back around the Fourth of July.”
Just how far that downward trend will go is unclear.
“Whether we see $2 at some point is a big question mark,” he said, though some states have already sunk close to that mark.
The price of an average gallon of regular unleaded gasoline in Rhode Island is $2.84, and though it’s not as low as it is in other areas of the country, it’s still saving folks money.
“We’re seeing consumers saving an extraordinary amount of money that they would normally spend on gasoline that can be used for other purposes, particularly at this time of year,” he said.
Albert says the two reasons for the drop are an abundance of oil and a stagnated demand.
Related Stories
