Gas Prices Could Hit One Dollar And Change Soon

Gas prices could be well below $2 per gallon, reports WTVR CBS 6 News from Richmond, Virginia. WTVR cited Gas Tracker as a source for $1.97 gasoline from Sam’s Club in eastern Henrico and $1.99 gasoline at Costco in Midlothian. American Automobile Association (AAA) Mid-Atlantic was cited as attributing the lower gas prices to decreased demand and lower crude oil prices.

AAA Texas cites the current gas prices as the lowest in more than five years, KSAT ABC 12 News reports. Travelers are finding the lower gas prices an early gift during this holiday season.

“AAA Texas predicts the record 8.1 million who will drive more than 50 miles from home will find the price per gallon is at its lowest level in more than five years. Its survey shows the average price statewide is $2.26, but in the San Antonio area Friday, gas was at least 10 cents lower,” KSAT reported yesterday.

The lower gas prices are allowing many drivers to fill their tanks for $10 to $15 dollars less than last year. KSAT cited AAA as estimating the gas prices will save consumers more than $400 million, and that gas prices have declined 25 percent since the beginning of 2014. Additionally, the lower gas prices could save some drivers between $60 to $80 per month in their gasoline costs.

The current national average for gas prices published by AAA is at $2.48 per gallon, while it was at $3.22 this time a year ago, reports the Washington Times. The Times reports the gas prices will cause more travelers to choose to drive instead of fly to their holiday destinations. About 99 million Americans will travel at least 50 miles during the holidays of the next few weeks. The Times reported expectations of gas prices coming down another 10 cents or more before Christmas. Gas prices in some areas could well be one dollar and change by next year.

Gas prices, and those of oil, have been dropping, as reported by the Inquisitr, and gas prices might continue to fall for a number of reasons. The national average for gas prices has fallen below $3.00 per gallon, the first time it has since 2004, because of increased production of crude oil worldwide and declining demand. The Inquisitr cites economic situations in Europe, Japan, and China as leading to decreased demand that helps bring down gas prices.

Will gas prices in your area be as low as $1.50 per gallon next year? Only time will tell, but current drops in gas prices suggest it could happen.

[Image from WTVR]