Gas prices continue to drop nationwide and across Connecticut and experts say that combined with Wednesday’s interest rate cut is good news for consumers.
Consumers in Connecticut might have noticed some lower priced gas costs lately.
This comes as the federal reserve lowered interest rates for the first time in four years -- which has the potential to help your wallet, too.
According to AAA, the average price of gas in Connecticut today is $3.16 per gallon. But GasBuddy shows you can find gas in Connecticut for as low as $2.66.
"When I saw $2.89 I thought ‘this is great,’” driver Kristine Lindgren, of Berlin, said.
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“Very happy because I’m travelling,” Maria Macidorek, of Berlin, said.
Drivers say paying under three dollars for gas is a welcome change after a rollercoaster few years of gas prices.
AAA data shows some days in 2021 had gas price averages as low as $2.27, where some days in 2022 averaged a record high at $4.98.
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AAA says this day last year, the average price of gas was $3.86.
"It’s nice to see them low and all,” driver Richard Kozloski, of Berlin, said.
Drivers say prices don't change their driving habits, but they’re happy to take what feels like a discount.
"I have to go to work anyway but I’m happy they’re lower,” Macidorek said.
"You gotta get the gas, so you pay what it is,” Lindgren said.
"It depends on what your reference point is. Versus a year ago, we're down about 70 cents in Connecticut versus two years ago, it's another 50 or 60 cents. Versus four or five years ago, it's way up,” said John Rosen, an adjunct professor of economics at the University of New Haven.
Rosen said the global price of oil is down over the past year or so, trickling down to what you pay at the pump. He said a small portion of what makes gas prices fall is based on the season as well.
Simultaneously -- with interest rates lowered for the first time in years -- Rosen said the combination of falling gas prices and the interest rate cut could be good news for consumers.
"Both declining oil prices and declining interest rates, which makes it easier to pay your credit card bill, easier to buy a home. So you have both of them going down in and they're both very much like a tax cut,” Rosen said.
He says whether this lowering of interest rates ends up being a positive for the economy has yet to be seen. Also, due to world events impacting the cost of oil, he said gas prices are unpredictable, too.
