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Gas prices have fallen 27 days in a row, according to AAA, hitting a national average of $2.58 for a gallon of regular as of Tuesday. That’s roughly 20¢ cheaper than it was a month ago, and 90¢ less than the average at this time last year.
What’s more, analysts are saying that prices will keep on dropping in the weeks and months ahead. “Expectations that the global oil market will remain oversupplied in the near term are keeping downward pressure on the price of crude,” AAA stated on Monday. That downward pressure on crude prices is likely to translate to increasingly cheaper retail prices at the pump.
“Barring any major shake-up in the global picture and unexpected refinery problems, GasBuddy expects that the national average will continue dropping into Labor Day and stand some 10-15 cents lower than it stands today,” a GasBuddy post explained.
Such a drop would put the national average at $2.45, maybe $2.40. And prices in many states could dip below $2 per gallon, which was fairly commonplace in early 2015.
In fact, Tom Kloza of the Oil Price Information Service told CNN Money this week that perhaps 50 gas stations around the country are currently charging under $2 per gallon. And Kloza predicted that by the time we’re into the NFL season this autumn, “There will be thousands, even tens of thousands of stations below $2.”