You would have to think back a long way to remember a time when gasoline was $1 per gallon. According to experts, however, some states – including Alabama – could likely see gas near the $1 mark before too long.
The cost of gasoline is continuing to decline, with prices last week reaching a national average of $1.99 a gallon, the lowest average price since March 25, 2009, according to AAA. The national average has moved lower for 50 of the past 59 days, thanks to an abundance of crude oil and other production factors.
Global oil supply continues to outpace demand, AAA points out, and refinery output remains steady.
Below $1 a gallon?
2015’s average price was $2.40 per gallon, but AAA said that’s likely to go even lower in 2016, especially in the Southeast. With oil prices dipping below $33 a barrel, a national average of less than $2 per gallon could be on the way, experts said.
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