SIOUX FALLS, S.D. (KELO AM) - The annual, average price for gasoline is expected to fall below two dollars a gallon, first time since 2004.
The Energy Information Administration says drivers will pay on average a $1.98.
EIA expects the monthly average price of gasoline to reach a seven-year low of $1.82 a gallon this month, before rising in the spring before the summer travel season kicks in.
Crude oil prices have fallen more than seventy percent since 2014.
Natural gas inventories are twenty percent higher than they were a year ago, despite recent winter storms.
The Energy Information Administration says the winter heating season closes at the end of March. In its new monthly forecast, the EIA expects natural gas inventories will be 41% higher than at the end of last winter.
High inventories reflect strong domestic gas production expected to reach a record high this year.
EIA says the big East Coast blizzard affected residential electricity demand which was up as many consumers were stuck at home for days before they could dig out. But, the boost was partially offset by electricity demand from the many closed businesses, schools and government buildings.