Gas Prices Drop Below 3 Dollars in Oneonta!
After seeing gas prices over the last few years skyrocket to over $4 per gallon, I never expected what I saw at the pumps this week: pricing below three dollars a gallon on regular gas!
If you've traveled outside of our area at all, then chances are you've seen prices a lot lower than we've been seeing around the Oneonta, NY area and no doubt wondered, like me, how far down are these prices going to go and what's causing this drastic drop?
According to the U.S. Energy Information Administration (EIA), America's domestic oil production has grown from 5.6 million barrels per day (bbl/d) in 2011 to 7.4 million bbl/d last year. Looking ahead to 2015, the projected production may average 9.5 million bbl/d. That's a lot more oil than America has been producing and it translates to lower prices at the pump.
My cautious side tells me not to get too excited since this seems temporary and gas prices are bound to eventually go back up, but let's enjoy those bargain prices while they're here!