Gas prices are taking a plunge around Connecticut with the average price lower than $2.40 a gallon.
Experts said the decreasing prices has three key factors; how we get crude oil, how much crude oil we get, and how industries are fighting to sell it.
"A week ago we were at $2.39, and a month ago we were at $2.45, so we're down three cents in the last week and almost $.10 in the last month,” said the executive director of Connecticut Petroleum Counsel, Steven Guveyan.
The three major contributing factors to lower gas prices:
"We have the fracking boom which is going on in the U.S. which led to a huge increase in the amount of oil being produced that in turn will get shipped to refineries, refinery output has been very high which then goes into inventories which are very high. So when you put all of that together that's downward price,” said Guveyan.
According to a recent AAA study, last year the price plunge put $550 back into driver's wallets.
"That's a car payment. That's a nice car payment,” said commuter Thomas Hadis.
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With an increase in the amount of oil more industries compete for pricing, according to oil experts.
"When you have a glut, everybody tries to undercut their competitor. That's exactly what's going on," said Guveyan.
Experts said there's no telling whether the low price will stay low.
"It's hard to project what's going to happen in the future," said Guveyan.
Oil experts said a month ago crude oil was around $51 to $52 a barrel, and on Tuesday it's around $45 or $46 which drives the price down and keeps cash in your wallet.
