While gas prices around the U.S. have plunged another 12 cents a gallon, there is one forecast suggesting consumers could see the price of a gallon of gas drop to near $2 by this time next year.
Morgan Stanley is projecting by the second quarter of 2015, the U.S. could see the price of a barrel of oil down to $43.
"If that happens even here in San Diego there’s a pretty good chance we could see gas prices around $2 maybe even a little bit below $2 a gallon," said NBC 7’s business reporter George Chamberlin.
A national survey reveals the average price of regular gasoline has plunged another 12 cents a gallon over the past two weeks, to $2.72.
Industry analyst Trilby Lundberg said Sunday that lower crude oil prices are continuing to drive prices down, along with an abundant oil supply and the rising value of the U.S. dollar.
The highest-priced gas in 48 states was found in San Francisco at $3.04 a gallon. The lowest was in Albuquerque at $2.38 a gallon.
The average price for midgrade gas in the U.S. is $2.96. For premium it's $3.12. California's lowest average was in Sacramento, $2.80 a gallon.
