Drivers could have saved $41 on gas

SPRINGFIELD, Mass. (WWLP) - A new report out says gas prices could have been 83 cents lower last month.

Gas prices topped off at $3.96 in May and a report from the Americans for Financial Reform and MASSPIRG blames it on Wall Street speculation.

Ron Vangasbeck from Connecticut said he thinks government should do something, “They keep squeezing us and squeezing us and nothings done in congress.”

The Americans for Financial reform and MASSPIRG want something done. They want to put strict limits on the amount of oil that Wall Street speculators can trade in the energy futures market.

The increased cost from speculation totaled one billion dollars last month across the country which could have been spent on other goods and services to help drive the economy.

According to the report, the average car owner could have saved $41 in the month of
May. They say Wall Street over speculates on oil futures which results in the high price of gas and people say it's taking it's toll.

Derrick James of Springfield said, “I want to take a vacation and I can't do it. Gas prices are crazy.”

For the average two car family, speculation amounts to nearly $1,000 a year on overpriced gas.

Carole Cohen of Enfield said, “It's making it very difficult on families.”

Since gas affects the price of many goods and services people say it's hurting our economy in an already difficult time. “It just boils down to jobs also so not everybody can afford gas plus the fact if they don't have jobs it just adds to how much less money people have today,” said Vangasbeck.

On a brighter note, gas prices nationally fell a penny from Tuesday. Still, it's 79 cents more than a year ago.