Gas prices have fallen below $2 a gallon and heating costs are down

Gas Prices 199

The average price of a gallon of regular gasoline has fallen below $2 for the first time since 2009, according to AAA.

The national average for gas was $1.998 per gallon by Monday afternoon.

The last time gas prices fellow below $2 per gallon was November 2008 until March 2009.

As previously report, lower gas prices have saved the average American driver $550 per year or a total of $115 billion nationwide.

Crude oil is trading below $35 per barrel and oil reserves continue to increase as demand in China has become stagnant due to a collapsing stock market and other international concerns.

Forecasts for average U.S. household spending on heating oil for the 2015-16 winter is $1,282, according to the U.S. Energy Information Administration. Compared to 2012-2013 that a saving of $800 for a family.

It’s still to be seen if lower gas prices and heating savings will send consumers flocking to stores during the holiday shopping season.

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Some reports found Black Friday numbers to be lower than expected. However, UPS and Fedex have been forced to make drivers wait in long lines to unload trucks because of strong Cyber Monday shopper numbers.


Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at