Home / AMERICAN NEWS / What’s With These Low Gas Prices? Cheapest Prices In 5 Years.

What’s With These Low Gas Prices? Cheapest Prices In 5 Years.

Chances are even if you don’t drive a car, you are well aware that gas prices have gone way down. The recent price drop is not just a measly 10 cent per gallon dip, but a full-blown 40% reduction so far. There are even estimates that the price of fuel will fall even further in coming months. The past two weeks have laid witness to a staggering 25 cent drop in gasoline prices across the country. The US is not the only country experiencing this major price break, as the price of a barrel of oil has dropped to the lowest price it has been on the market in more than 5 years.

What’s With These Low Gas Prices? Cheapest Prices In 5 Years.

Shell Gas

Now that gasoline has dipped below the $2 per gallon mark all across the US, it is fairly safe to say that something is going on. (Image from Wikipedia)

The holidays are a perfect time for pricing to drop so low. The cost of travel has become cheaper to hop in the SUV and go see grandma, and the cost of goods on the shelf has dropped a little bit too. Having a little extra spending money in your budget creates a better atmosphere for spending money at the stores this year, as Black Friday and other holiday sales have reported major gains.

Don’t go too crazy yet, and plan on the prices staying this way forever. If anything, the past 10 years should have shown you that anything can happen at a moment’s notice in regards to the price of fuel, as the once popular Hummers and other gas guzzlers have all but disappeared from the roads across the US. We hold out some hope that fuel prices will remain below $2 per gallon, but we should still be frugal with our fuel consumption.

For many youngsters behind the wheel, this may be the first time in their lives that they can remember filling up a tank of gas for $20 at the pump. So many people have become accustomed to needing to shell out $50 or more for a full tank, now it seems to take only about $20-35 to fill up most cars.

What’s With These Low Gas Prices? Cheapest Prices In 5 Years.

About Steven Kenniff

Lives in Phoenix, AZ. Graduated from Arizona State University in 2005. Writes for American Live Wire, GM Roadster and Northstar Media