AAA thinks gas prices will remain low in 2016

gas prices pump

Drivers may pay even less at the pump in 2016.

AAA, which compiles gas price information from around the country, is projecting that gas prices will stay lower in the year ahead — maybe even lower than this year.

It estimates that the average price of a gallon of regular, unleaded gasoline would be between $2.25 and $2.45 a gallon. In 2015, the average price per gallon was $2.40 -- Americans saved $540 on gas as a result.

In its report, AAA also said it projected that the national average would stay steady or drop another 10 cents in the coming weeks. Even though gas prices can vary by season, AAA said it didn't think the average would go above $3 a gallon this year.

The current worldwide surplus of crude oil, which is used to produce gas, has led to dramatic drops in price -- to roughly $37 a barrel. In 2015, crude oil prices dropped 35%. Since oil experts believe the cost of crude oil will remain low, AAA predicts gas will continue to be cheaper for much of this year.

AAA did allow for the possibility that political events or changes in the oil markets could lead to a price increase. It also said that regional prices would likely vary.

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