Gas is likely to stay under $3 for a while

The new year started with gas prices under $3 a gallon in Weiser, and some experts are predicting prices could stay below $3 for 2020.
 The average price in Idaho for a gallon of gas was $2.62 on Monday, which was 16 cents more than the same date in 2019, but nearly 26 cents cheaper than a month ago.
 In Weiser, gas could be found for $2.59 to $2.64 a gallon on Monday. The four gas stations in town are usually pretty close in price, give or take a few cents.
 The national average for a gallon of gas was $2.58 on Monday,  an increase of more than 34 cents from a year ago. The average price in Idaho is almost always higher than the national average.
 Looking back at 2019, the highest average price Idaho motorists paid at the pump was $3.21 a gallon in May, according to AAA.
 The lowest price recorded in 2019 was $2.29 a gallon in February. It was a swing of more than 90 cents a gallon from the lowest price to the highest price during 2019
 The average price of a gallon of gas in Idaho topped $3 for the first time in 2019 in April. Gas prices went on an upward tear heading into Memorial Day and the unofficial start of summer. Prices at the pump in Weiser ranged from $3.14 to $3.16 a gallon around town for Memorial Day.
 The $3-plus price for a gallon of gas didn’t last all that long. A “perfect storm” of inexpensive crude oil, highly productive refineries and abundant gasoline stocks combined to keep gas prices down during the summer driving season, the AAA said.
 The average price of a gallon of gas in Idaho dropped back under $3 a gallon in time for the long Labor Day weekend and one last road trip.
 It did not reach the $3 mark again in 2019, although it came close, rising to $2.82 a gallon in October and $2.94 a gallon in November.
 In what the AAA Idaho said was an almost complete reversal of the usual pattern, gas prices dropped in Idaho from Memorial Day until the first part of October of 2019, followed by a surprising spike in the fall that lasted until Thanksgiving.
 Drivers enjoyed savings at the pump in late November and December as refinery production got back on track and cold weather and school kept many families closer to home.
 Barring any unforeseen events, prices could continue to slide for most of the winter before picking up in the weeks leading up to spring break, the AAA said.
 According to the annual gas price forecast from the fuel savings app GasBuddy, Americans are likely to pay an average of $2.60 a gallon in 2020. The main reason the prices of a gallon of gas could remain under $3 a gallon in 2020 is the continued production of plenty of crude oil, both in the U.S. and worldwide, according to GasBuddy.
 Other experts see the potential for higher oil prices on the horizon in the new year that will affect gas prices.
 On Jan. 1, 2020 OPEC, in an effort to boost prices, planned to expand its production cuts by 500,000 barrels per day among member nations. Saudi Arabia also agreed to cut an additional 400,000 barrels per day to reduce the global supply of oil and put upward pressure on oil prices.
 AAA Idaho officials said last week that a decrease in the global crude oil supply would eventually impact crude prices and, in turn, gas prices.  
 But the U.S. is currently producing near-record levels of crude oil and more non-OPEC crude oil is expected to come online in 2020. That could help offset OPEC’s cuts.