How Low Will It Go? Gas Prices Expected To Drop Even More In 2015
NEW YORK (CBSNewYork) -- How low will the price of gas go?
The Energy Department has again lowered its prediction for the average price of a gallon of gas next year to $2.60.
Gas Prices Expected To Drop Even Lower In 2015
That's the lowest projected average since 2009.
"It's very difficult to look out in the next 60 days and not see prices being somewhere between 50 cents and 75 cents lower than they were last year," analyst Tom Closa, of the Oil Price Information Service, told WCBS 880's Sean Adams.
Closa said U.S production is strong, global demand is weak and over a year Americans could save about $100 billion.
"When you're talking about folks spending $100 billion less than they spent in a particular year on motor fuel that's income that can go for other purposes," Closa said. "Hopefully it'll go to pay off some debt and maybe keep some other retailers in business."
Currently, the average price of a gallon of regular gas is $3.07 in New York, $3 in Connecticut, and $2.60 in New Jersey. The national average is $2.66.
Closa said heating oil will also drop in price.
"We're looking at people who use home heating oil paying $1 to $1.25 less than last year," he said.
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