WASHINGTON, Jan. 2 (UPI) — Data compiled for AAA’s year-end report found that gasoline in the U.S. was the second cheapest it had been in a decade in 2015 and suggested that lower prices would continue 2016.
The report stated that a worldwide glut in crude oil helped keep gasoline prices low throughout the year placing oil prices at their lowest since 2009. They estimated that in 2016 the average price per gallon for regular, unleaded gasoline would fall between $2.25 and $2.45.
The future status of the crude oil surplus which lowered prices to $37 a barrel in 2015 is unclear, but AAA predicts that its effects could carry over into 2016.
While significant change in the oil market could raise gas prices, the presence of Iranian oil and weak growth of the global economy make that outcome unlikely.
Other predictions for 2016 included the national average remaining under $3 for the duration of the year as well as a 10 cent per gallon drop in the year’s first few weeks.
