Falling oil prices could lead to gas prices of $2 a gallon in the near future.
The average price for gas in the United States was at $2.595 today. This is the lowest gas prices have been since August of 2004. Dropping oil prices and reduced constraint leads experts to believe that many areas will see gas drop below $2 a gallon on average by the time Christmas rolls around, reports MarketWatch.
The price for a barrel of oil is hovering around $40. It hasn’t been this low since February 2009. The last time oil was down to this price, gas prices were at an average of $1.90 a gallon. There are already 12 states that have at least one gas station selling fuel for $2 a gallon, MarketWatch notes.
Another factor that will help gas prices drop in the coming months is the switch to winter fuel. It’s cheaper to make fuel for winter and this helps drop the price of gas. There’s also the fact that America is nearing the end of its driving season, which is when gas is typically more expensive, reports ABC Action News.
