Slow but steady drop in fuel prices continues

POSTED: Friday, July 6, 2012 - 9:00am

UPDATED: Friday, July 6, 2012 - 9:02am

The price of gas is lower than it's been for months but drivers aren't taking it for granted.

Fortunately drivers are watching summer prices drop from week to week.

"Usually we see gas prices start to go up before July the forth and sometimes we see a pretty significant spike," said Charles Langley, Utility Consumers Action Network. "What we've seen is almost a fifty cent drop."

A drop because people aren't filling up like they use to.

Lifestyles may be changing and drivers are cutting back.

"Well on one hand it is good news because gas prices are going down. And on the other hand it does suggest an anemic economic recovery where people just don't spend it on gas," explained Langley.

Not only does the lack of demand impact the pump but there is something else that could be keeping prices down.

Politics.

"Topically during an election year we see prices go down for whatever reason. Prices almost always go down in a presidential election." Stated Langley. "And so we can probably expect to see lower prices for a few more months."

But it's important to keep in mind that our supply of fuel is still low.

And a problem at a major oil refinery or a threat to the oil supply over seas could change things overnight.

And the price of the pump could sky rocket again.

Bob Hansen reporting.

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