Drivers can't keep up with falling gas prices

Think you got a deal on that last tank of gas? You might want to check out what it's going for today.

In recent weeks, gasoline prices in Massachusetts have been falling almost as furiously as the stock market on a bad day. Waning demand tied to recession fears has rapidly eroded the value of crude oil, which today dropped to a 14-month low. Pump prices now average $3.15 a gallon, 18 cents lower than a week ago, according to AAA Southern New England, and many stations are selling it for well under $3 a gallon.

In fact, the numbers are spinning so quickly it can be difficult for drivers to know what a real bargain is these days.

"The last time I got gas, it was like $3.39 and that came down from $3.47," said Eric Esteves, who often searches for stations with low prices. But even he was surprised recently when he drove by the Hatoff's station on Washington Street in Jamaica Plain and discovered self-serve gas was selling for $2.99.

By Wednesday, Hatoff's had cut the price yet again, to $2.79, and today dropped it another dime.

That's a long way down from July, when prices hit a record $4.09 a gallon.

Even a professional like Green Cab Co. driver Serago St. Jean has a hard time keeping track of the latest prices. St. Jean, 37, tops off his tank every night after completing his routes in and around Somerville, but isn't sure exactly what he's supposed to be paying.

"I don't really know who's the cheapest," he said.

AAA spokesman Arthur Kinsman said that at this rate he expects the average price to soon drop below $3 soon.

“It’s actually pretty easy to find gas under $3 a gallon in a lot of areas," he said. But Kinsman also noted that drivers are still paying more than they were a year ago, when gas averaged $2.65 a gallon in Massachusetts.

The declines are tied to the falling price of crude oil. Today, it closed at $69.85 a barrel on the New York Mercantile Exchange, down 6.3 percent, because of worries about decreased demand and increased US inventory. Since July 11, crude has fallen more than 50 percent.
(By Erin Ailworth and Nicole Wong, Globe staff)