The national average for unleaded gasoline could fall by another 15 to 20 percent by the end of the year, and in many states the price at the pump could even fall below $2 a gallon, analysts say.
"I think by the end of the year we could see a national average below $2.20…. You'll certainly see many states where most of the service stations are below $2," said Andrew Lipow, president of Lipow Oil Associates.
The national average for unleaded gasoline Wednesday was $2.63 per gallon, 13 cents lower than last month, and 85 cents cheaper than this time last year, according to AAA. Prices have fallen nonstop for the past three weeks.