Pump prices to drop to near $2 per gallon in December

By Kyle Feldscher, Kyle Feldscher

Published December 20, 2015

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The average price of gasoline could drop near $2 per gallon in December, even as crude oil production continues to slow, federal analysts reported Tuesday.

The Energy Information Administration, the Department of Energy's independent analysis arm, reported in its Short-Term Energy Outlook that the monthly average of gas is projected to drop to $2.06 in December.

Gas prices have been dropping steadily this fall, as the average price of gasoline in the U.S. was $2.29 in October, down 8 cents per gallon from September. During the same period, U.S. production of crude oil dropped 40,000 barrels per day.