U.S. Gasoline Prices Fall Below $2, Lowest in Six Years

23 Dec 2015 | Author: | No comments yet »

Average gas price falls below $2Just as Americans are starting to hit the road for the holidays, the average price of gasoline at the pump has dropped below $2 a gallon for the first time in more than six years as crude oil production continues to surge. (NEWSCHANNEL 3) – A new report is saying that the national average gas price has dropped to the lowest point since the end of March, 2009 and analysts are expecting prices to drop further. They said in their report that the Western U.S. continues to have the highest gas prices, which are still above the $2 mark, but over two-thirds of stations in the U.S. are well below the $2 price range.

Patrick DeHaan, a senior analyst at GasBuddy, said in a release, “It’s likely that gasoline prices will eventually decline even further into early January as demand bottoms out, but, eventually the party comes to an end.” It was not a matter of whether it could happen but when; various factors have pushed global crude oil prices consistently lower, fuel supply in much of the country has been higher and consumer demand has been unremarkable. U.S. refineries produced 9.83 million barrels a day of the motor fuel in November, 2.3 percent higher than a year earlier, the American Petroleum Institute said Thursday.

Americans have saved about $100 billion on fuel this year, which comes to more than $350 a person, according to Michael Green, a spokesman in Washington for AAA.

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