As gas prices fall rapidly toward the $3 a gallon mark for regular gas in Connecticut, industry experts said the cut will help residents weather the rough economy.
"As long as crude oil continues to drop, the price of gasoline will as well," said Michael Fox, executive director of Gasoline and Automotive Service Dealers of America in Stamford. "I think you'll see gas everywhere in Connecticut under $3 a gallon before the end of the year."
The average price of regular gas in Connecticut has fallen to $3.20 a gallon, according to the AAA Connecticut Motor Club - 59 cents less than last month's average.
In Stamford, Norwalk and other parts of Fairfield County, where prices typically outpace the rest of the state, regular gas has dipped to less than $3.50.
The national average price of gas now is $3.16 a gallon, down 49 cents from last month.
At Bald Eagle Shell in Stamford, a gallon of regular gas Thursday cost $3.37, bringing in a steady stream of customers to fill up, said Mary Ases, a manager at the West Broad Street station.
The price of regular gas at the station peaked at $4.09 this summer, Ases said.
"People are coming in more and buying more gas now," she said. "The price will probably fall again tomorrow."
Peter Beutel, an energy analyst and president of Cameron Hanover, an energy risk management firm in New Canaan, said the price plunge is linked to reduced demand from cash-strapped consumers who drove less this summer.
The price of crude oil, which reached a peak of $146 a barrel in July, is hovering at about $75, Beutel said.
Gasoline prices in Norwalk and Danbury likely will fall to $2.60 to $2.75 a gallon this year, he said.
"How long is it going to last is the interesting question," Beutel said. "I don't think we could go back up to the $4 level for a number of years ÉWe are going to see downward pressure on the price for the next year or two."
Still, the price of gasoline now is about $1.34 higher than it was in September 2006, Beutel said.
Another factor in the decline is the worldwide financial crisis, which forced investors speculating in crude oil markets to sell, sending prices plummeting, Beutel said.
Rail and bus officials who saw a surge in ridership this year said it's unlikely commuters will get back behind the wheel.
On the New Haven Line of Metro-North Railroad, ridership has grown about 5 percent a month this year.
"We believe people are cutting back on discretionary travel and expenses," said Marjorie Anders, a railroad spokeswoman.
