Gas Prices Dropping, But Will It Be Down To $2 Per Gallon By Christmas?

Gas prices are dropping and, much to the satisfaction of motorists, gas prices could go as low as $2 per gallon by Christmas. The price for a gallon of gas in the United States has continued on its downward streak in recent days amid uncertainty in international markets. According to a report from the U.S. Energy Information and Administration, the average price per gallon of regular gasoline nationwide is around $2.70.

If you’ve been to a gas station recently, you’ve probably noticed a drop in gas prices and the AAA Motor Club expects it to go even lower — as much as 15 cents or more in the coming weeks.

“In many ways, it’s a very simple prediction, based purely on the (price) decline in crude oil,” Michael Green, an AAA spokesman, explained.

Telegraph Herald reported that the fluctuation in gas prices could be blamed on several things; such as the conflict in the Middle East, a disruption to U.S. drilling or a refinery outage.

“On the other hand, if oil prices continue to fall and operations continue to run smoothly, you could see even larger drops in (the gasoline) price,” Green added.

When asked if gas could drop to $2 per gallon by Christmas, Green gave the following response.

“Many parts of the country could see gas prices near or below $2 a gallon by Christmas. The states that are most likely are in the southwest and central United States, places where gas is already cheap.”

Tom Kloza, chief oil analyst with the Oil Price Information Service, also confirmed that regular gas could drop to $2 per gallon by Christmas.

“Once we get past Labor Day, we should see gas falling by 10 to 15 cents a month,” Kloza said. “By December, a lot of places are going to see gasoline at $2 or less.”

A report from KDVR revealed that experts are predicting the national average for regular unleaded gas to be $1.98 for the month of December.

[Image courtesy of Justin Sullivan/Getty Images News]