For 100 straight days, gas prices have been steadily dropping. This has drivers rejoicing as they can now fill up their tanks for less than $2 a gallon. For the past five years gas prices have been averaging around $3.50 a gallon. The last time gas prices have been this low was 2008. As much as drivers are welcoming these low prices, some are worried they will rebound and skyrocket up. According to experts, gas prices should continue to decline all throughout 2015.

There are four main reasons for these low prices. The first reason is that there is just more oil available. With new drillings in the Gulf of Mexico and new techniques, the US is supplying more of its own oil. One of the primary reasons gas prices rise or fall is the fluctuation in the price of crude oil. Currently crude oil prices are down so gas prices are falling. Thirdly, US oil production occurs in the Gulf of Mexico, and since there have been no natural disasters, prices fall. The Gulf is prone to hurricanes, but recently they have not been hit hard. The final and most important reason is that other countries do not have a very high demand. China’s economy is not doing as well and therefore they are not demanding as much oil. Usually China is one our biggest competitors for oil, making the prices skyrocket. The increased oil supply in the US, combined with weakening expectations for the global economy and world oil consumption, will likely continue to push oil prices lower.

The lower prices could pump more than $100 billion into the American economy over the course of the year. This is very welcomed for all American drivers. The more gas prices drop the happier people are.