Gas Prices Reach Lowest Level In 7 Years

BALTIMORE (WJZ) -- Good news at the pump! Gas prices are the lowest they've been in nearly seven years. The national average is $1.88 a gallon.

Tracey Leong has more on what's driving the trend.

The frigid weather is playing a major role. Demand drops significantly in the colder months and gas prices will continue to drop, just like these temperatures.

"All for it. The more they can go down, the better," said Julie Shapiro.

It's the lowest drivers have seen since 2009.

So what's causing prices to plummet?

The surplus of crude oil is a major factor, trading below $30 a barrel.

"Because crude oil comprises so much of what we see in the costs of gas prices, is why we are seeing a decline at the pump," said Ragina Cooper-Averella, AAA.

Analysts predict people will spend $17 billion less on gas this year, compared to 2015, pumping money back into your wallet for an average saving of more than $550 per driver. The trend is also fueling consumer spending.

"Mostly food, necessities, food, shelter, upgrading the house," said Randy Austin.

Across the country, gas prices have been on the decline for two months---and will continue to go down.

"Demand is usually low in the winter and will probable be even lower with these cold temperatures we are experiencing," Cooper-Averella said.

Relief consumers hope will extend beyond the pump.

"It's a good thing. Wish it was happening for groceries; then I would be swinging from a vine," Austin said.

Experts predict these gas prices will continue to fall through February but we may see them rise again in the spring.