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Gas prices down 10 cents
Mobil and Shell gas stations around the island decreased gas prices another 10 cents before the start of the weekend, following the continued lowering of prices of crude oil nationwide.
Mobil lowered their prices on Friday, with regular gasoline now priced at $3.68, super at $4.009, and diesel at $3.81. Shell soon followed suit.
Jacob Mendiola, a tour bus driver, said the drop in prices is good for business, since the company uses about 12 buses that run on diesel.
For regular gasoline, he said, it helps with his several commutes from Kagman to Gualo Rai each day.
Margie Camu, a resident of Koblerville who commutes to Chalan Laulau for work, said it takes about $45 for a full tank of gas and that the 10 percent decrease is helpful but barely noticeable.
According to the New York Times, the current price of oil is $33 a barrel. The reasons behind the decrease in prices are many, including the competition between U.S. domestic oil production, South America, Middle East, and European oil production as well as the increased market for energy efficient automobiles. Their report adds that OPEC, a cartel of oil producers, has maintained its unwillingness to cut oil production that has resulted in heavy oversupplies.
The lowering of gas prices was also seen last week in utilities as the Commonwealth Utilities Corp. announced a decrease in the Fuel Adjustment Charge, known formerly as the Levelized Energy Adjustment Clause or LEAC.
The current FAC fuel charge of $.14445 per kWh has decreased to $.12076 per kWh, a decrease that CUC said results in approximately $10 in monthly utility savings.
