Gasoline futures briefly fell to their lowest level in nearly seven years, and futures have lost a staggering 21 percent of their value in 2015 alone, which has translated to relief at the pump for the consumer. AAA announced this week that the national average for retail gasoline is under $2, down more than 41 cents from this time last year. And according to some traders, there's even more downside ahead.
"It's a broken chart," Rich Ross told CNBC's "Trading Nation" on Tuesday, looking at gasoline futures. "We're hovering just above the $1 level, and I wouldn't be surprised if it broke below that key psychological support level and retest the 2008 and 2009 lows."