CHICOPEE, Mass. (WWLP)–You may be soon notice it will cost you a little less to fill up your gas tank. 22news explains why global oil prices directly affect what you spend on gas for your car.
How much crude oil costs affects how much you pay for things like home heating oil, diesel fuel, the gasoline you put in your car. Oil prices have dropped for the last nine straight days.
The benchmark U.S. price for crude oil for the August delivery was $101.93 a barrel a $0.36 drop.
Which is a relief for many as those prices peaked June 20th causing the price of gasoline to reach their highest prices in almost a year.
Some Springfield residents told 22News they’re relieved gas prices in Massachusetts aren’t as high as neighboring states and that they hope the wavering costs will inspire more ecofriendly travel.
“Honestly I don’t even think we can really complain compared to other towns. I was in CT not too long ago and somewhere was like four dollars and nine cents and I was like, whoa! Mass. is no where near that right now,” Geovannie Merced, from Springfield, said.
“Just walking or using your bicycle more or maybe walking or more motorcycles on the road or mopeds or something,” Tom Mitchell, from Springfield, said.
The U.S. energy department reported that the U.S. crude oil supplies fell by 2.4 million barrels last week, but say that is better than the anticipated 3 million barrel loss they were expecting with the unrest in and around Iraq.
In the next two weeks, analysts predict that gas prices may drop as much as 10 to 20 cents a gallon nationally.