AAA: ‘Remarkable’ drop in gas prices isn’t over

Gas prices could drop another 15 to 20 cents per gallon by New Year’s Day, according to the auto group AAA.

AAA said gas prices are at their lowest levels in four years and have dropped 69 days in a row for a total of 60 cents per gallon, making it the longest streak of consecutive price declines since 2008.

“Gas prices have fallen at a remarkable pace that would have been unthinkable just a few months ago,” said Avery Ash, AAA spokesman. “Lower gas prices represent real doorbuster savings as everyone begins their holiday shopping.”

{mosads}The momentum is expected to continue, AAA said in its monthly gas price report on Wednesday.

Prices at the pump should drop another 15 to 20 cents per gallon in the near term, and throughout the winter as there is no sign abundant supplies will be cut given the recent decision by the Organization of Petroleum Exporting Countries to maintain its levels of prodcution.

“The holiday joy should continue as gas prices drop even further in the weeks ahead,” Ash said. “We could see prices drop to the lowest levels since the Great Recession if the cost of crude oil continues to set multi-year lows.”

The average price for a gallon of gas in November was $2.89, the lowest monthly average since November 2010.