*(Via MSN News) – U.S. gasoline pump prices are poised to drop below $2 a gallon for the first time in more than six years, which is sure to bring comfort and joy to drivers.
Oil has plunged by 39 percent since June and may keep falling after the Organization of Petroleum Exporting Countries essentially lifted the ceiling on its crude production.
Americans have saved about $100 billion on fuel this year, which comes to more than $350 a person, according to Michael Green, a spokesman in Washington for AAA. The lower prices and the recovery in the U.S. economy have put more Americans on the road than ever before and refiners are churning out fuel at a record pace.
“It’s just a matter of time before we breach $2,” said Patrick DeHaan, a senior petroleum analyst at GasBuddy Organization in Chicago. “We’re seeing oil prices reflect market conditions and that’s passing on to gasoline.”
Get MORE of this story at MSN News.
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