Gas Prices to Fall Another $0.25 by Christmas

Jason Siu
by Jason Siu

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.

SEE ALSO: Average Gas Price Dips to $3 Per Gallon

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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Jason Siu
Jason Siu

Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.

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