Price of U.S. gas reaches under $2.50 a gallon image

U.S. drivers are paying less than 2.50 dollars a gallon at the gasoline pump for the first time in more than 5 years. Retail gasoline averaged 2.477 dollars a gallon on Wednesday, as data from AAA show, meaning that gas has dropped to 2.50 a gallon for the first time in 5 years.

By the end of December, gasoline might reach 2.25 to 2.40, the lowest price since 2008. Last month, the Organization of Petroleum Exporting Countries refused to reduce its output target, fact that led to the highest level in 9 years for the U.S. refineries operations and the gas prices to get lower 84 days in a row – the second longest strike ever.

This also means a continuous gain in sales of new light vehicles, especially crossovers, SUVs and pick-ups to a nearly 16.4 million in 2014. This marks the 5th consecutive year for deliveries increase in the U.S. The prognosis for U.S. auto sales looks bright, with a 17 million mark in 2015 and for this year sales totaling 16.5 million units, 6% higher than 2013. According to the AAA forecasts, a record of 98.6 million Americans will use the cheap fuel by traveling 50 miles for the holiday season. Out of this record number, 89.5 million will be driving and 5.7 million will turn to flying.

By Gabriela Florea