Gas price is constantly falling down lately and a new milestone has all the chances of being reached over the nest days, most likely until Thanksgiving. Currently, a gallon of regular gas is being sold at $2.13, with 75 cheaper than last year, according to Money CNN.
Considering the current rates, the average driver will be able to save about $40, starting with today and until Christmas. Or, overall, drivers will save over $7 billion in gas money in the same period.
Analysts are pointing to less than $2 per gallon in just a few days
The above mentioned source also claims that gas price could go even lower in just a few days. 44% of stations nationwide are already selling a gallon for less than $2, according to chief oil analyst at GasBuddy and Oil Price Information Service, Tom Kloza, who tracks prices for AAA.
States like Ohio, Oklahoma and Texas are already selling gas for less than $1.59 per gallon and they could be followed by multiple states shortly.
Mr. Kloza also believes that until this weekend, most stations in the United States will set a gas price under $2, with the national average breaking the $2 mark until Christmas or early January. This would be smallest average price per gallon since 2009.
Multiple aspects are affecting the gas price. But how much of a bad this is this?
As for the price per barrel, on Wednesday it fell under $40 for the first time since August. The main reasons behind this was a glut of oil, result of record U.S. production, a very strong dollar and low demand from Europe and Asia, due to economic weakness.
Finally, we shouldn’t ignore the fact that a lot of the major refineries have been shut down for maintenance, so we could see the gas price falling even lower in the upcoming months.