February 2016, Vol. 243, No. 2

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EIA: Gasoline to Average Less than $2 in 2016

For the first time since 2004, U.S. drivers are expected to pay an average of less than $2 a gallon for gasoline, the government said Tuesday. They can thank the huge glut of oil around the globe. The U.S. Energy Information Administration (EIA) said in its monthly short-term energy outlook that regular gasoline will average $1.98 a gallon nationwide in 2016. The last time oil averaged less than $2 for a full year was 2004, which was also the last time gasoline at stations in some states fell below $1 a gallon. The pump savings are a direct result of the 70% collapse in crude oil prices since mid-2014. Earlier Tuesday, the International Energy Agency said the supply of oil is set to out

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