Gas prices could drop below $2 a gallon mark - WNEM TV 5

Gas prices could drop below $2 a gallon mark

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Gas prices could drop below the $2 a gallon mark by the end of the year.

Petroleum experts with say that as many as 20 states, including Michigan, could have an average price below $2 a gallon before Christmas.

The states most likely to see those prices include: Michigan, Alabama, Arkansas, Delaware, Florida, Georgia, Indiana, Kansas, Kentucky, Louisiana, Missouri, Mississippi, North Carolina, New Jersey, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Virginia.

 “It’s interesting to remember that last year the national average shed more than $1.27 from August 1 through December 31 when the U.S. average was $2.24,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “This year, if we see just half of that decline it will bring us to below $2 per gallon.” 

Contributing to the positive forecast are regional, national and global supply & demand fundamentals that continue to place more downward pressure on crude oil prices than upward pressure, and that trend is expected to continue well into 2016.

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