Gas prices could drop to $2 by end of the month
By Dave Hannon -- Purchasing, 1/19/2007 4:12:00 PM
Gas prices could drop below $2 as early as the end of this month. According to a report out this week from the Energy Information Administration, U.S. average gasoline prices are at $2.23/gallon but could drop to $2 by the end of January. In fact, AAA was showing the average price in Michigan as below $2.00 per gallon, with Missouri and Oklahoma right at $2.00 per gallon, and a few other states just a few pennies higher.
The drop has been caused by the decline in crude oil prices, with the near-month futures price falling from $61 per barrel on the last business day of 2006 to around $51 per barrel earlier this week.
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