Updated 04/30/2012 07:33 AM
Gas prices declining
If you drive in Central New York, maybe you've noticed the recent decline in the average price of gas. Although that average remains around the $4 mark, it has dropped by a few cents in the past week. Our Brad Vivacqua breaks down our current gas prices and where they may be headed.
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SYRACUSE, N.Y. -- In the last few months, gas prices at the pump haven't been very easy on our wallets. In fact, since the beginning of January, average prices have jumped in the Syracuse area by about 50 cents.
But if you notice this morning where we stand right now, there may be some good news ahead. Currently on this Monday morning, the average price of gas is at $4.01. Just last week, that price was five cents higher at $4.06. And last year at this time we were actually seeing prices about three cents higher when they were $4.04.
SU Economics Professor Don Dutchowsky says the recent decline can be attributed to the decline of the price of crude oil in March. He believes we may see prices go down by about 10 cents by Memorial Day and then continue a downward trend through the summer. Last year we saw prices dip by about 50 cents from the spring through the fall and Dutchowsky believes it's likely we'll see a substantial drop again this year.
Dutchowsky said, "Based upon last year's experience and based upon the fact that things seem to be stable in the Middle East, there's every reason to suspect it's going to start nudging downwards again this year."
Dutchowsky said we've seen the same price trend over the past few years. He believes by the end of the summer we could see prices between $3.70 and $3.80.
Dutchowsky said factors that could obviously change his perspective include crisis in the Middle East or a change with the global economy.