Gas Prices Continue To Fall
BALTIMORE (WJZ) -- Gas prices are dropping dramatically and experts predict they'll continue to go down.
Tracey Leong explains why we are seeing this trend.
For people wishing for that Christmas miracle at the pump, prices are expected to drop the lowest they've been in five years.
Gas prices are plunging. On average, Marylanders are paying $2.64 a gallon, compared to $2.88 a month ago and $3.37 a year ago.
"Everyone's happy about lower prices," said driver David Bongiorno.
"I'm glad that they are going down. They could go down a lot more," said driver Sharan Taylor.
By Christmas, AAA predicts prices could hit $2.50 across the country: the lowest in five years. The biggest driving factor is crude oil, selling at a record low of $66 per barrel.
"In 2015, we'll become the biggest producer of crude oil, overtaking Saudi Arabia, Russia and other countries," said Drew Cobbs, executive director of Maryland Petroleum Council.
Plus, with more fuel-efficient cars and lower demand, there is now way of telling how low they can go.
"It's a good situation to be in. We are on the way to energy security in North America," Cobbs said.
And people can choose to spend those savings in other places.
"Give it away to charity or people that need it this time of year," Bongiorno said.
"We are trying to put away for our nieces and nephews and have a family someday," said driver Elizabeth Ward.
Experts say that if these trends continue, prices could drop below $2 this winter season.
The national average for gas is $2.56 a gallon.
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