Lower gas prices expected for 2016

Posted at 5:39 PM, Jan 07, 2016
and last updated 2016-01-07 20:39:42-05

Gas prices will continue to fall this year, dropping now for the fourth year in a row.

Drivers this year are expected to save 17 billion dollars in gas compared to last year.

The numbers were released today by in their 2016 Fuel Price Outlook. They estimate the national average for a gallon of gas will drop to $2.28. The numbers show prices will increase slightly from February to May and then drop down for the summer months.

The lowest gas prices this year are expected towards the end of the year and the report says $3 gas will be rare in most of the country, except in the western states like California. Right now the national average is around $2 a gallon.

Another sign of those cheaper prices to come, price of crude oil fell on Thursday to $34.13 per barrel, the lowest it’s ever been in 11 years.