Oil Drops In 2015, Americans Can Finally Save Money

            2015 was a successful year for all motorists for one main reason: low oil prices. During 2015, the U.S. had some of the lowest gas prices in years due to the decreasing oil prices and surplus of oil supplied. The prices have been so low that they were lower than the prices in 2009. The annual average price was $2.340, which was 94 cents lower than 2014. It was estimated that an average of $550 was saved by each licensed driver this year, which totaled more than $115 billion in all. So long as the surplus of oil continues, watchers predict that the prices will remain low, and may even lower further. The price of oil barrels have decreased from more than $100 in 2014 to below $40 for 2015. Oil producers see the continuing surplus and predict that they will eventually run out of space for all of the incoming barrels. Even with this prediction, the distribution of this oil has not been evenly spread. While the rest of the nation experience prices $2 and lower, the West Coast is refilling on gas within the price range of $2-$3. This major difference in cost is due to differences in state taxes and transportation costs. The five states with the highest gas prices consist of California, Hawaii, Nevada, Washington, and Alaska, in the respective order.

            To see gas prices at such a low price is wonderful when you are a student that either drives to school or has parents that drive you. Oil is a major part of our economy, especially with the reliance we have upon cars. Following the start of the recession, the U.S. saw gas prices well above $3, which discouraged many from taking the time to drive anymore. Everyone began to find alternative transportation methods in order to avoid the increasing prices during the time, whether that be riding their bikes, taking the train or bus, or even carpooling with others. But with these lower crude oil prices, Americans have been able to save their money for food and other needs more than they have in years. This surplus has been beneficial to the wallets of Americans. But with the possibility of restricted space for the surplus, what will happen to the excess barrels with no place to go? I cannot imagine the oil just going to waste but if we are truly experiencing this surplus, we must limit how much oil we continue extract, or risk wasting an already limited supply of a non-renewable resource.