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Falling Gas Prices Save Drivers $1.4 Bil

Experts predict averages dropping below $2 per gallon by Christmas.

by on Sep.09, 2015

Gas prices continue sliding with some experts predicting the national average falling below $2 per gallon by Christmas.

Gasoline prices are heading downward with the official end of the summer driving season as prices fell by 6.8 cents per gallon, on average across the nation, according to data collected by GasBuddy.com, which is now predicting the average price of gasoline could drop below $2 per gallon by Christmas.

GasBuddy estimated that Americans saved $1.4 billion over the four-day weekend as gasoline prices dropped to their lowest point in decade. In the wake of the Labor Day holiday gas prices stood at $2.38.1 cents per gallon, which was 22.3 cents per gallon lower than a year ago, according to GasBuddy.

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The price is now more than $1.05 lower than it was just a year ago and in some towns in Texas, Louisiana, Mississippi, Alabama, Arkansas and Tennessee gasoline has dropped below $2 per gallon and more price cuts are expected nationwide. Pump prices slipped below $2 per gallon in South Carolina, the nation’s least expensive market for gasoline, over the weekend and drivers are currently paying an average price of $1.97 per gallon, according to AAA’s weekly survey. (more…)