When will gas prices plateau?

SPRINGFIELD, Mass. (WWLP)- Prices at the pump have dropped nearly 80 cents per gallon since May, and we’ve already gotten used to seeing regular unleaded prices below three dollars.  But the question is: “for how long?”

Western Massachusetts commuters have become accustomed to gas prices lower than $3 per gallon, and many hope it stays that way. Prices can be found at $2.77 to $2.79 per gallon in western Mass. and drivers are taking advantage while they can.

Charlie Townsely, of Feeding Hills said, “I find that I’m driving more throughout the day, whereas before I wasn’t really taking as many road trips and you know thats pretty much it taking more road trips.”

The national average for regular unleaded gasoline stands at about $2.92 a gallon. Thats the lowest it’s been since December of 2010. Analysts at Gasbuddy.com say it most likely will not drop more than another dime in the next couple of weeks unless oil prices drop notably lower.

There are multiple factors driving down gas prices including a price war among OPEC members, increased production in the U.S., and demand dropping in Asia.

“You can get a gallon of milk for 2.79 these days, but gas, if it goes back to 4 or 5 dollars I’ll be back on the PVTA,” Ericka Williams, of Springfield said.

Joseph Osario, of Springfield said, “I’m hoping for it to plateau at 2.70 or lower.  Obviously the consumer would want the prices to be low.”

Gas prices are expected to remain under $3 a gallon through Thanksgiving. The average price for unleaded gasoline was $2.91 per gallon in Springfield, Massachusetts Monday.

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