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Gas expected to dip below $2 a gallon this week

Gas expected to dip below $2 a gallon this week
Motorist Lou Brazils fills his tank at a gas station Tuesday in Dellwood, Mo. The average price of a gallon of gas in the United States is projected to dip below $2 this week, according to a new report from GasBuddy.com, which tracks gas prices. (Scott Olson / Getty Images)

How low can it go?

The average price of a gallon of gas in the United States is projected to dip below $2 this week, according to a report from GasBuddy.com, which tracks gas prices.

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The last time gas was that cheap was March 25, 2009 (it was a Wednesday).

The average price for a gallon of gasoline in the United States was $2.04 Wednesday morning and will continue to fall this week, thanks to rising inventories, said Patrick DeHaan, a petroleum analyst with the company.

Crossing the psychological barrier of $2 per gallon should be a relief to motorists across the country, even if they are paying above the average.

"To see prices this low, it's like a powerful drug," he said. "It is very soothing to motorists to see gas prices starting with a 1 and not a 3."

The current average price of a gallon of gas is $1.24 less than a year ago, he said. The company projects that the average price of gas will remain relatively low in 2015: $2.64 per gallon.

The low price should result in about $750 in savings compared to what the average motorist paid in 2014.

The average price of a gallon of gas in Los Angeles was $2.50 -- down 27 cents from last month. In 2014, the average cost for a gallon of gas was $3.62, according to GasBuddy.

Gas prices in California usually remain above average because of the state's strict standards for cleaner-burning fuel and high gas taxes. 

The price of a gallon of gas was below $2 per gallon in 26 states Wednesday, the company reported. A gallon of gas was as low as $1.76 in Missouri.

Twitter: @jpanzar 

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