Business

Gas Prices Dropping, Could Hit $2 a Gallon

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Think of it as Christmas in August. Gasoline prices are expected to drop sharply this month and might be approaching $2 a gallon in much of the country by the time winter’s chill arrives.

Normally, pump prices are flat or even up a bit in August as Americans finish up the summer holidays with a roadtrip before sending the kids back to school. This year, however, the AAA Motor Club anticipates a drop of 15 cents or more in coming weeks, on top of what already has been a sharp drop from this year’s peak.

“In many ways it’s a very simple prediction, based purely on the (price) decline in crude oil,” said Michael Green, an AAA spokesman.

Conflict in the Middle East, a disruption to U.S. drilling or a refinery outage could always push up oil prices, thus reducing the chances that gasoline will fall as predicted.

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