Gas prices to drop faster after Labor Day; $2 gallon by Christmas

Posted at 4:01 PM, Jul 31, 2015
and last updated 2015-07-31 16:01:28-04

GAITHERSBURG, Maryland – Petroleum experts are saying that U.S. gasoline prices are going to continue to fall and even fall faster after Labor Day, ending up under $2 per gallon by Christmas. experts say that by Christmas, 20 states, including Michigan, could have prices below $2 per gallon.  The U.S. average price for a gallon of gas could be $1.98 per gallon by Christmas as well.

Last year, the national average dropped $1.27 per gallon from August 1 to the end of 2014.  “This year, if we see just half of that decline, it will bring us to below $2 per gallon,” said Patrick DeHaan.

Why the price drop? According to GasBuddy, demand slips in the autumn and winter after summer vacations and regional, national, and global supply is good.