Experts: Lower oil prices could result in gas below $2 per gallon

NEW HAVEN, Conn. (WTNH) — The price of oil is the lowest it’s been since 2009, just above $40 per barrel at the close on Friday. That could translate to big savings at the gas pump. Experts are predicting that gas prices could dip below $2 a gallon in many parts of the U.S.

Sliding gas prices have been a trend in Connecticut for some time. On August 22, 2014, the average price of gas in Connecticut was $3.76, AAA says. The group says on August 22, 2015, the average is right around $2.70.

RELATED STORY: Barrel of US crude drops below $40

Prices vary in different parts of the state. The average price in the Hartford and New London-Norwich metros area is $2.66, in the New Haven-Meriden area it’s $2.69, and in the Bridgeport metro area it’s $2.78, according to AAA. Still, they say all those averages are a dollar cheaper than they were at the same time in 2014. The overall savings are already being felt. With more apparent good news in the financial forecast, many local consumers are rejoicing.

“I’ll actually drive more places; I would want to go out more,” said Ashley Gomez. “When gas is high, I’d rather not drive.”

Not everyone is rejoicing that that the cost of US crude is down. Some consumers are skeptical that the market is simply to volatile to know what will happen tomorrow let alone weeks into the future. Yet still, ask around and you’ll surely find hope is alive well that less expensive gas is on its way.

“I’m hoping that gas prices will drop so it will give us the freedom to be able to travel,” said motorist, Garblah Page.

There are several reasons oil prices are dropping, including increased production in the Middle East and North America.

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