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August 31, 2015

AAA: Gas could fall below $2 a gallon by Thanksgiving

Average price in New Jersey fell for the 10th week in a row

Gas prices continue to slide across the country and could sink below $2 per gallon by Thanksgiving, AAA Mid-Atlantic predicted.

"Nationwide gas prices could dip below the $2-per-gallon mark for the first time since March 24, 2009, possibly by Thanksgiving," the company said in a news release. 

In New Jersey, the average price of gas was $2.22 as of Friday, a dime lower than the previous week. (AAA did not release information on the average price of gas in Pennsylvania.) 

In comparison, drivers were paying $3.26 for a gallon of gas this time last year. It's the 10th week in a row that gas prices in Jersey have dropped.

"Crude oil prices have continued to sag, due to continuing global oversupply and evidence of slower than projected growth in the Chinese economy," said AAA in a news release.

Crude oil makes up 65 percent of the cost of gas.

The national average price is also down to the lowest level for this time of year since 2004. It's only $2.51 while the national average for gas was $3.43 a year ago.

Almost every single state in the nation is selling gas for at least 50 cents cheaper than it cost last year, and gas is expected to get cheaper once people start driving less in the winter.