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WASHINGTON, D.C. — Consumers are expected to enjoy lower gas prices for many months to come.
Retail gasoline prices will average $2.60 per gallon in 2015, the U.S. Energy Information Administration (EIA) projected in its latest Short-Term Energy Outlook report. This figure is 35 cents per gallon cheaper than what the EIA predicted just one month ago.
If the $2.60 average price per gallon were to come to pass, it would be the lowest price for a full year since 2009, when the United States was in the middle of a rough recessionary period.
Currently, the average price is just higher than the 2015 predicted price. Gasoline averaged $2.66 a gallon throughout the country on Monday, according to AAA. The national average gas price has dipped every day since Sept. 26, reported the Associated Press.
There are several reasons why gasoline prices continue to drop, including a glut in crude oil due to OPEC's decision not to cut back production, as well as rising production in the U.S. In fact, lower crude oil prices have led oil companies to cut back on drilling plans for next year.