Crude oil prices are about to hit a seven-year low

Gas prices in Springfield have fallen to an average of $2.07

(AP Photo/Stephan Savoia)

NORTHAMPTON, Mass. (WWLP) – The crude oil market has been volatile, frustrating investors. However, for drivers, the current trend is great news.

Crude oil prices are below $37 a barrel since 2009 and speculators say it could go as low as $20. That would result in cheaper home heating prices and cheaper gas pump fill-ups.

Gas prices in the Springfield area have fallen to an average of $2.07. On Wednesday, at the Racing Mart in Northampton we watched the price for a gallon of regular fall another penny from $2.10 to $2.09.

Drivers told 22News how it helps them. Brian Margolis of Northampton said, “It would be nice if there was more stability overall. I think that in the long run, prices will go up somewhat but hopefully not to the $100 or $150 range that we had in the past. Right now it very good for the consumer.”

The oil market is an issue of supply and demand and right now crude oil stockpiles are huge while demand has fallen. This time one year ago, we were paying an average of $2.73 for a gallon of regular.

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