The new year continues what has become an old trend of falling crude oil prices.
Chris Herb with the Connecticut Energy Marketers Association calls it, "absolutely amazing".
"It's a very exciting time," Herb said. "It's the biggest fall in crude prices that I've seen in my lifetime."
Herb represents heating oil companies. The price of heating oil tracks crude oil prices pretty closely and for both, he said, no price increase is on the horizon.
"All indications are, the good news is, that we're probably out another year to 18 months, maybe further," he said.
There's more supply than demand for oil in the global economy. The result: $1.85 a gallon for regular at the Gulf station on Stanley Street in New Britain at East Main Street.
Adjust this price for inflation and it's just 57 cents in 1979 money. 1979 is when Iran's revolution touched off an energy crisis. Now Iran's preparing to add to the world's oil supply.
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"Because of the weakening demand for the product it's remaining an oversupplied market place," Herb said. "And until this straightens itself out - there is no indication that that's going to happen right now - we can continue to see lower heating oil prices and gasoline prices."
Lower prices at the pump aren't just a result of production overshooting consumption.
"The Fed has said for the next several years they're going to continue to strengthen the dollar. That means that there'll be downward pressure on oil prices for the foreseeable future and beyond," Herb said.
