American Gasoline Prices Have Dropped for 13 Weeks in a Row

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1. American gasoline prices have dropped for 13 weeks in a row.

2. In fact, they’ve been dropping at a rate of about $0.10 per gallon since October 1st.

3. That’s the longest streak of declines since the Energy Information Administration started tracking prices back in 1973.

4. And if you’re wondering how low gas prices could go, look no further than last year.

5. Back then, the average price was around $3.50 per gallon.

6. So, if we take 2013’s average price of $3.50 and subtract $0.10 per week, we get a final price of $3.40 per gallon.

7. Which means that right now, gas prices are down about 10% from where they were a year ago.

8. But don’t expect those prices to stay low forever.

9. Because over the past few months, oil companies have been pumping out record amounts of crude oil.

10. And that’s driving prices higher again.

11. According to the EIA, the average price of a barrel of crude oil is currently $106.

12. That’s up from $100 just two months ago.

13. And it’s still well below the $110-per-barrel level that analysts say would put us into recession territory.

14. But even though prices are rising, experts aren’t worried yet.