Gas prices dropping across LI, but not enough for some

Gas prices have dropped well below $4 a gallon in parts of Long Island, giving motorists a different type of sticker shock when they pull up to the pump. Crude oil prices have been tumbling the last

News 12 Staff

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Aug 8, 2008, 11:02 PM

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Updated 5,962 days ago

Gas prices have dropped well below $4 a gallon in parts of Long Island, giving motorists a different type of sticker shock when they pull up to the pump.

Crude oil prices have been tumbling the last few weeks. Even gas stations charging more for credit card purchases are not charging as much as they were last month.

The CITGO station on Route 112 in Coram was charging only $3.83 Friday morning. By the afternoon, it was down to $3.81.

?I love it, I definitely love it,? says a customer at the Coram station. ?Geez, I think it's the best thing since pea soup."

However, the price for a barrel of crude is falling faster than the prices at the pump. AAA?s Robert Sinclair says if the prices fell at the same rate, gas would cost between $3.40 and $3.50.

Gas retailers say the prices on the street are dictated by wholesalers, oil companies and distributors.

Still, many customers told News 12 Long Island that they don?t trust the oil companies and suspect something is fishy due to their record profits.

Click for more on crude prices vs. price of gas at the pump

To see the extended interview with Robert Sinclair, of AAA, go to Channel 612 on your iO digital cable box and select iO Extra.