Gas Prices Falling Across The Bay Area
SAN FRANCISCO (KPIX) -- It cost a lot less to fill up a tank of gas in the Bay Area and across the country these days.
The price of gasoline has literally tanked, falling about nine cents a gallon in the past 2 weeks.
According to Gasbuddy.com, a gallon of regular costs about $2.92 in San Jose, $2.91 in Oakland, and $3.09 in San Francisco.
Experts credit a worldwide glut of oil, and more supply than demand.
Oil analysts say there will be an oversupply through 2016 and the price will gradually drift back up over the next five years starting in 2017.
They say Saudia Arabia oil producers will take a big hit if they reduce production. Also, Iran has a large supply of oil ready to be released and could be pumping as much as four million gallons a day once sanctions are lifted.
Analysts predict gas prices will fall another 50 cents by Christmas. That means the national average could soon fall under $2.00 a gallon.