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In the last few months consumers, both nationally and locally, have seen a steady drop in the price of a gallon of regular gasoline.
The price has fallen so far, so fast that it has hit a point that may have seemed impossible just a short time ago – under $2 a gallon. It’s the first time it has reached that mark nationally in seven years, according AAA spokesman Michael Green.
Locally, the average price for a gallon of regular gas in the Scranton/Wilkes-Barre/Hazleton area was $1.99 as of Friday. That is down from $2.19 a gallon just a month ago and $2.23 a gallon a year ago.
The effect of the price drop has already been felt locally, according to at least one area gas station owner.
“People come into the store all the time and say they are better off because of the lower gas prices,” Preveen Sharma, owner of a Sunoco gas station in Plymouth, said.
“One single mother came in recently and said that she is no longer living from paycheck to paycheck because of having to spend less money on gas.”
Sharma has felt the benefits of lower prices too. He said customers are now more likely to grab a cup of coffee and a snack at the store because they don’t feel stressed by the cost of gas.
He added he is seeing more profit as gas prices drop.
Not everyone is singing the praises of the lower prices, however.
Ed Kyle, a customer at Turkey Hill on Pierce Street in Kingston, looked up at a sign listing the price of regular gasoline under $2 a gallon, but still wasn’t pleased.
“I don’t think that it’s low enough,” the Kingston resident said. “I think that gas at $1.50 or $1.75 would mean that it would be a reasonable part of people’s budget.”
The 56-year-old Kyle can remember when gas was much cheaper.
He recalled that in the late 70s people were waiting to see if gas would break though the $1 mark.
He went even further back saying in the mid-60s his grandmother could buy a gallon of gas for 35 cents and fill her tank for just a few dollars.
These days, Kyle said he only drives his mid-sized Chevy to and from work because of the price of gas.
Others, though, were more than happy with the decrease.
Tony Woods, who was filling up his Grand Marquis at the PSC station on South Main Street in Wilkes-Barre, said the drop in gas prices is having a definite effect on his travel habits.
Woods, who is originally from New Jersey, said he has been reluctant to take trips back home in the past because of the high cost of driving.
But with prices like the ones offered at the PSC station — $1.86 for cash purchases or $1.94 if a credit card is used — he is considering hitting the road more often
“I used to spend about $70 a week on gas and now I spend more like $25,” he said.
Jeanette Miller, who drives a 2015 Dodge Caravan and was also buying gas at the PSC station, said she hoped that gas prices would continue to drop.
“I heard that (gas prices) may go all the way down to $1.50 (a gallon),” she said. “In the meantime, I’m more ready to take an extra trip to the store or something and not worry about it.”
Green said that the last time gas was this inexpensive was from late 2008 to March 2009, at the beginning of the recession.
“Because of an increase in the supply of oil around the world, and because restrictions against Iran will end soon, it is likely that gas prices will continue to be moderate,” Green said.
He said the price of oil has been hovering around $30 a barrel in recent days.
Still Green cautions consumers to anticipate fluctuations in the market that may see them paying more in the spring when refineries shut down for maintenance to prepare for the summer driving season.
In general though, Green said, the price of gas will remain low when compared with prices before 2014.
And if you are thinking that the lower prices should have you running out to buy that gas-guzzler you’ve been dreaming about?
Green has a word of caution.
“If you’re going to buy an SUV, take into consideration that the cost of gas could rise significantly during your ownership of the vehicle,” he said.
