Saturday, January 17, 2015

Coming Soon Near You: Gas Below $2

Crude oil's global collapse is now expected to soon push the national average U.S. price for gasoline below $2 a gallon for the first time since early 2009.
The unprecedented sell-off in crude, which has pushed benchmark West Texas Intermediate and Brent Crude down more than 55% since mid-2014, has yet to run its course, says Tom Kloza, senior energy analyst for the Oil Price Information Service.
Nationally, regular unleaded gasoline currently averages about $2.12 a gallon, down 46 cents from just four weeks ago and $1.01 cheaper than year-ago levels.
Gas prices are also expected to fall more than previously forecast for the full year.
Kloza lowered his 2015 average gas price to about $2.45 a gallon, 15 cents less than his late 2014 forecast.
The cost savings is projected to slash the USA's gasoline bill from about $460.5 billion in 2014 to about $340 billion this year.
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1 comment:

Anonymous said...

Sub $2 gas and sub 6% unemployment are products of the Obama economy.