Gas Prices to Fall Another $0.25 by Christmas

Gas Prices to Fall Another $0.25 by Christmas

Retail stores aren’t the only retailers slashing prices heading into this holiday season.

Gas prices are expected to continue dropping and the national average could get as low as $2.55 to $2.60 per gallon by Christmas. According to AAA, the national average of gas is $2.79 per gallon of unleaded, which means we can see another $0.25 discounted in the next month. The current national average is the lowest Thanksgiving holiday price since 2009. Helping attribute to the lowering price of gas, U.S. oil production is expected to increase over the next three to four months according to Andrew Lipow, president of Lipow Oil Associates.

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Over the last several weeks, U.S. oil production has averaged about 9-million barrels a day, levels unseen since 1986. “It’s still expected that Gulf of Mexico production will increase by 500,000 barrels a day over the next two years, and that’s very likely to happen because most of the investment has been spent,” Lipow said.

[Source: CNBC]

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