DAYTON, Ohio (WDTN) – Many left for the holiday with a nice gift from Santa: gas prices hovering around $2, in some cases even lower.
And 2 NEWS is learning that the holiday dip in prices may not be temporary.
“I’ve never seen the gas prices this low since the early 80s, I mean like ’82,” said Dee Letterman, of Kettering. “And that was in California so I’m way surprised.”
But Letterman says it’s a welcomed surprise.
The lower prices allow him to stretch his dollar.
“It usually costs me about $30 dollars a week and now it’s down to like 15 bucks. Yeah I like it a lot,” he described.
In 27-states, including Ohio, gas prices have taken a major dip.
Gasbuddy.Com reports the cheapest cities include places like Dallas, Tulsa, and Kansas City.
“Motorists saving nearly $3 hundred million a day versus prices last year,” explained Patrick Dehaan with Gasbuddy. “This is the Christmas gift that keeps on giving.”
But why the sudden change?
And, will it last through the new year?
Experts say major oil supplier, Saudi Arabia is flooding the market.
It’s a strategy the country is using to drive out competitors, including the U.S.
“Saudi Arabia is trying to undermine US shale oil production which has risen due to the high oil prices and they have geo-political reasons to undermine Iran and Russia,” described Andrew Lipow, an oil & gas analyst.
The U.S. has also dropped in gas consumption.
Ethanol and other resources from Midwest have helped further more fuel-efficient cars.
And if the trend continues, experts say it may force countries, like Saudi Arabia, to continue flooding the market, which mean the low prices are here to stay.