Gas Prices Drop To Cheapest National Average In Nearly 7 Years
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(CBSDFW.COM) - The national average price of gas dropped to $2.03 per gallon Tuesday morning, which is the cheapest average since March 2009.
Monday, oil prices also dropped to a multi-year low, and it seems increasingly likely that U.S. average gas prices will soon fall below $2 per gallon for the first time since March 25, 2009.
It could be within the next few days, however we don't know exactly when that could happen. says AAA Texas/New Mexico Public Relations.
During the winter months demand for gasoline typically declines, and pump prices tend to move lower as a result, according to the AAA news release.
Following a busier than usual fall maintenance season at refineries, the U.S. Energy Information Administration is reporting refinery production is outpacing both 2014 and current demand. U.S. crude oil stocks are also within striking distance of an all-time high, and as a result, questions about continued production and storage capacity are beginning to arise.
This combination of ample production and increasing gasoline inventories are likely to keep gas prices relatively low, and barring any unforeseen shifts in market fundamentals, averages are likely to continue to decline leading into 2016.
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