Gas prices should stay low in 2016, says AAA

Gas prices should stay low in 2016, says AAA

Gas prices rang in the New Year by reaching the lowest average price for the holiday ($1.99) since 2009, said the American Automobile Association. The national average has moved lower most days in the last two months, largely because of an abundance of crude oil.

Prices are expected to continue to slide during the first part of the year because supply will likely continue to outpace demand. Gas prices typically fall at this time of year as demand decreases.

Although gas prices are likely to increase leading up the summer driving season, the national average price is expected to remain below $3 per gallon this year. DC is currently the eighth most expensive state level or jurisdiction for gas prices.

The Energy Information Administration estimated in April that Americans would save $70 on gasoline in 2015 compared with the year before. With gas prices even lower than expected, consumers have probably saved more than that.