If anyone was fantasizing a road trip before the summer ends, this year is the one to do it. Summer gas prices across America haven’t been this cheap since 2004, and according to Tom Kloza, the global head of energy analysis at the Oil Price Information Service, prices could drop lower than $2 a gallon.
Around this time last year, gas was recorded to cost about $2.75, whereas last Friday – prices nationwide fell to $2.18. The matter isn’t that drivers are driving less, either. In fact, July has become a record high month for American drivers who seem to be taking advantage of the lowered prices. The reason for the declines is the recent excess oil stockpiles and the lack of need for it.
Refiners fear that pulling back on gas production in order to improve the gas glut would only worsen the crude oil glut. Therefore, gas prices won’t balance back to a higher price until next year. Till then, drivers will experience an extensive time of cheap fuel.