The price of a barrel of crude oil briefly dropped below $100 Monday, so will drivers finally get a moment of relief from spiking prices at the gas pump?
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Leah Hartman, distinguished lecturer and chair of the Accounting, Finance and Marketing department at the University of New Haven, told KCBS Radio that even though the price of crude oil and the price of gas are tightly related, it may take a while to see gas prices go down.
"There's a delay in the timing. There's not a delay on the way up, which most of us have recognized at the pump, but there's definitely a delay on the way down," Hartman said.
She explained that this may be due to the fact that the gas that is already in United States tanks is based off of crude oil prices that were much higher than the current price, which closed at just under $102 Monday.
"If crude pricing can stay lower, we'll eventually get to seeing some softer prices at the pump, but not soon," she said.
In the meantime, Hartman advised drivers to consolidate earnings, use the app GasBuddy to find low prices and avoid gas stations near heavy traffic.
"There are certain locations that even if the crude prices are going down, even if other gas stations are dropping pricing, there are those that because of the traffic patterns in an ideal space, think real estate, they're going to be very sticky on the way down," she said.
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