Gas Prices Dropping: Will Gas Cost Less Than $2/Gallon By 2016?

Gas prices are dropping across the U.S., and many are wondering just how low they will go. According to My Fox Chicago, people in some areas of the Midwest will see prices dip below $2/gallon by Christmas.

“Illinois and Indiana drivers are currently paying on average $2.60 and $2.41 respectively for a gallon of regular unleaded. These prices are $.32 and $.37 less than a month ago and represent the 3rd and 4th largest month-over-month drop in gas prices across the country,” reports My Fox Chicago, adding that AAA says prices in the area will drop another 15 cents in the coming weeks.

Gas prices are dropping in other parts of the country as, well. According to CBS Local, California has also seen some major relief at the pumps. Over the past two weeks, gas prices have dropped 11 cents, bringing the state’s average to $2.71 a gallon. Checking in with the east coast, the Boston Globe reported a projected six cent drop for drivers in Massachusetts heading into the month of August. About one year ago, gas was averaging $3.56 a gallon in the state. A price of $2.50/gallon is expected by the end of the month.

“The average household is saving hundreds of dollars a year because of lower prices, which is allowing them to spend more in other sectors of the economy. Cheaper fuel has also led to a boost in sales for SUVs, trucks, and other gas-guzzling vehicles,” reported the Boston Globe.

According to GasBuddy, New Jersey is seeing some of the lowest prices in the country. Areas are seeing prices as low as $2.09/gallon this week. Those who wish to pay cash may get a couple of cents knocked off their price per gallon, and every little bit adds up.

Gas prices have been dropping steadily for the past year, and experts say that this decline will continue.

As previously reported by the Inquisitr, not everyone in the country will see gas under $2/gallon, but those who already have low gas prices could get there by year’s end.

So how low will gas go? Chances are the dips won’t go below $1.50/gallon, which is something unheard of nowadays, but people are happy to see the prices declining after years of paying nearly $4.00/gallon (and some drivers in the country paid even more than that).

[Photo by Cameron Spencer / Getty Images News]