Gas Prices Could Drop Below $2 a Gallon in Some Locations

Just in time for the holiday season, you can expect lower prices at the pump.

Gas Prices Could Drop Below $2 a Gallon in Some Locations Photo (cc) by ianmunroe

Prices at the pump are expected to continue to fall this holiday season. Some gas stations in a handful of states could even see prices drop below $2 per gallon by Christmas.

According to Brad Tuttle at Money, the national average for gas is $2.77 per gallon. But drivers in some states, including Missouri, Oklahoma, Tennessee, Texas and South Carolina, are enjoying even cheaper fuel prices, he wrote.

“Retail stations scattered across the U.S. South and Midwest are about 20 cents shy of the $2-a-gallon mark,” Bloomberg said.

This is the first time in five years that U.S. drivers have seen gas prices this low. USA Today said the falling gas prices are mainly driven by a plunge in crude oil prices.

The drop, which is expected to save consumers more than $400 million a day, is coming courtesy of the Organization of Petroleum Exporting Countries, the 12-country cartel that was unable to agree on production cuts at a Thursday meeting. That sent crude oil prices tumbling Friday.

Michael Green, a spokesman for AAA, told Bloomberg that consumers’ savings at the pump are hard to miss.

“The average driver may be shocked by how much gas prices drop before we see a low,” Green said. “It’s a remarkable time to be a driver.”

What are you paying for a gallon of gas in your area? Share your comments below or on our Facebook page.

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