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Oil Prices may drop below $2 by Christmas!
Oil prices have already fallen to their lowest level in 6 ½ years, and gasoline prices at the pump may soon follow suit.
Oil prices fell under $40 a barrel on the New York Mercantile Exchange Monday, their lowest level since February 2009, and at times traded under $39.
“If oil remains at this level, it is practically guaranteed that average gas prices will fall below $2 per gallon by Christmas,” said Michael Green, a spokesman for AAA.
A drop to under $2 would be the lowest price in 6 1/2 years.
Gasoline prices still have some way to go, however. Even as 12 states have at least one gas station selling regular gasoline for under $2 a gallon, the average price in those states remains well above $2, according to AAA’s Daily Fuel Gauge Report.
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