Gas prices could drop below $2 by the end of the year

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By: Krystal Vivian kvivian@953mnc.com

Gas prices are dropping around the country and it may not be much longer before the price at the pump drops below $2.

“Expectation into next week, would be a cost decrease, moderate at three to five cents,” Jeff Pelton, senior oil analyst for Gas Buddy, told NJ.com. “This is when retailers can get crazy as they race to $1.99 and who wins? Us.”

There are several factors that will lead to a steep drop in the fall, including the switch from summer gas blend to the cheaper winter blend and as demand tapers off from the summer peak, CNN reported. Price drops are expected as early as September and October, and could drop to 60 or 70 cents total by the end of the year.

Gas prices in Michiana range from $2.25 to $2.45 as of 3:15 p.m. Monday, Aug. 10.