Miss seeing $1 or less on those gas station signs? We do too.
It’s been a long time since we’ve seen gas prices under a buck in Arizona, but could it happen again?
According to the American Automotive Association Arizona, the last time the national average price for gas was under $1 per gallon was in March 1999.
Since then we’ve seen the roller coaster of prices going further up than down.
AAA said Tuesday's drop in oil prices sent the cost per barrel to less than $30 for the first time since December 2003.
This is in big contrast from the peak of nearly $108 per barrel in June 2014.
So why the sudden drop? There are many factors affecting gas prices.
AAA says some analysts believe gas prices will rebound in 2016 because the potential lower oil prices will limit production and supplies, while others say low gas prices could stay lower longer because of oversupply and Iranian oil playing a larger role.
Which begs the question will we see gas prices drop below $1?
Sadly, “AAA does not believe $1 gas prices are a possibility.”
They say seasonal factors, refinery maintenance or outages, and a host of unknown issues may prevent gas from reaching the dollar mark.
But, there is some good news. AAA says when prices do start to increase, they’ll be starting a lot lower than in the past.
This translates to paying less this year when gas prices peak.
There are many factors that will play a role in what we pay at the pump.
For now, we can all enjoy the lower costs.
