More good news for the American economy.
It looks like gas prices will remain very low for 2017.
According to The Daily Caller:
Gasoline prices will remain relatively low for the remainder of this year and the foreseeable future, according to a new survey published Monday by the energy firm Wood Mackenzie.
Oil prices won’t rise above $60 per barrel range this year, according to the survey. The survey looked at the opinions of 170 energy industry insiders and concluded that oil prices will remain in the $60-80 per barrel range until at least 2020.
This means average gas prices will be lower than previous years, leaving Americans with more money to save, pay off debt, or indulge in the occasional luxury.
Our current national average is $2.35/gallon.
What were average gas prices?
Just three years ago, in 2014, Americans were paying $1.35 more per gallon.
That year, Americans spent $370 billion on gasoline.
The Daily Caller calls the 28% price decrease “equivalent to a $102 billion tax cut for this country.”
Why such low prices?
According to Triple A:
[L]ast week, 46 states saw prices drop–some by at least 9 cents–with prices remaining steady in other parts of the country. The trending decline is due to an unseasonable glut of gasoline in the U.S. market, record high refinery production rates, moderate demand, and a recent drop in crude oil prices.