Bay State Gas Drops Below $3

By JAY FITZGERALD

The financial system’s historic woes have led to at least one piece of good news: Gas prices are falling below $3 a gallon at many stations across the state.

At least 15 area stations are now charging less than $3 for a gallon of regular gas, with the lowest being $2.87 at a Roslindale filling station, according to BostonGasPrices.com.

The Boston area’s average price for gasoline – which set a record of $4.09 a gallon on July 8 – was hovering at about $3.27 yesterday, according to AAA Southern New England.

Art Kinsman, a spokesman for the group, said he sees prices falling further, largely because of turmoil in financial markets and because of fears economies across the globe could tumble into recession.

OPEC may well vote to cut oil production at its next meeting on Nov. 18, according to published reports. But most experts believe the historic financial shocks now hitting Wall Street will keep prices – and demand – low for the foreseeable future.

Dennis Kelly, chief executive of Bristol County Savings Bank in Taunton, said consumers should benefit from the gas-price declines.

“It’s going to help,” he said of the economic pluses of lower fuel costs.

Heating oil prices have also fallen to an average $3.57 from a high of $4.71 in August, according to the latest survey by the state Department of Energy Resouces.

CAPTION: PUMPED AT THE PUMP: Gas at some stations in Massachusetts, such as Tiger Petroleum in Roslindale, is selling for less than $3 a gallon. STAFF PHOTO BY JOHN WILCOX

Originally published by By JAY FITZGERALD.

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