Long Island motorists complain gas prices spike faster than they plummet

While the winter's mild weather has caused crude oil prices to plummet, Long Island motorists haven't seen the quick drop in gasoline prices they expected. AAA reports the average price for a gallon

News 12 Staff

Jan 23, 2007, 11:08 PM

Updated 6,390 days ago

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While the winter's mild weather has caused crude oil prices to plummet, Long Island motorists haven't seen the quick drop in gasoline prices they expected.
AAA reports the average price for a gallon of gasoline on the Island is $2.43, which is down from $2.54 in December. A year ago a gallon cost consumers $2.62. Despite the decrease, most motorists complain prices go up far faster than they come down.
Gas realtors explain oil companies use pricing formulas to keep gas prices at a bearable level for Long Islanders while maintaining their bottom lines. They also say profit margins at the end of last year were cut thin, which means they must now compensate by slowing down rate reductions.
Related Information GasPriceWatch.com AAA's Daily Fuel Gauge Report Frequently Asked Questions About Gas Prices


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