The price of a gallon of gas has set a record. Angela Chen of the Department of Natural Resources says the average price of a gallon of gas dropped 38 cents in a survey completed October 15th… probably the biggest drop in price they’ve ever seen. Chen says the end of the summer driving season is one of the reasons for the drop.
The slowing economy has also reduced the demand for petroleum and led to a big gas inventory. Chen says the gas scare that saw long lines following the September 11th terrorist attacks didn’t make any impact.
It was a one-day price increase and increase in demand, and things went back to normal the next day. She says gas could get even cheaper in the coming days.
Chen says even a cold winter probably wouldn’t be enough to make prices go way up again.
There’s a high inventory of heating oil, so there should be no need to switch gas production to heating oil production. Prices across the state ranged from a-dollar-17 a gallon to a-dollar-35.