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Gas Could Dip Below $2 Gallon by Fall

CBN

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Plunging oil prices over the past several months have reached the lowest level in more than six years.

AAA estimates gasoline prices could also continue to fall, going below $2 a gallon by Christmas or even by Thanksgiving.

"If there are no major supply disruptions, we could see some stations in the Southeast selling $2 a gallon gas this fall," AAA spokesman Josh Carrasco said. "A decline in demand, refineries switching to winter-blend fuels and falling oil prices should cause a continued drop in the price of gas."

Gas prices haven't fallen as fast as the price of oil due to operational issues at some oil refineries.

But in some states, it's already under $2, with the national average around $2.58 a gallon, the lowest since 2004.

Lower fuel prices could give people extra money to spend, which in turn could boost the overall economy.

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