5 stunning stats about Exxon

The recent drop inside the cost of oil has been a happy surprise for drivers, who are enjoying the cheapest gas prices at the start of summer in 12 years.

Oil prices have dipped into bear market territory and also also also gasoline prices have followed, falling every day since June 2, according to AAA. The average cost nationally for a gallon of regular is usually today $2.28, down 10 cents since the start of the month.

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and also also also the outlook for the rest of the month is usually not bad: Wholesale gas prices suggest of which prices drivers pay will keep falling, and also also also This specific weekend could bring the cheapest prices so far in 2017, said Tom Kloza, chief oil analyst for the Oil cost Information Service, which tracks pump prices for AAA.

“There’s a lot of oil out there right today, and also also also of which oil is usually being turned into gasoline,” said Kloza.

The start of summer is usually typically not a time for cheap gas, because people drive more and also also also demand for gasoline goes up. In addition, gas stations are required to sell a special type of gas, known as the summer blend, of which creates less smog — however also pushing prices slightly higher.

Kloza said for once This specific century, prices at the pump could be cheaper over the July 4 holiday weekend than during the previous Christmas and also also also completely new Year.

Related: Shale oil boom to hurt OPEC well into 2018

“This specific’s been of which kind of year,” he said. “Literally everyone predicted oil prices would certainly be inside the $50s, and also also also some thought This specific would certainly get to $65 to $70 because of OPEC’s actions.”

Instead, oil prices closed at a nine-month low of $43.23 a barrel Tuesday, before rebounding slightly on Wednesday. U.S. shale oil producers of which have ramped up output in recent months, balancing out efforts by OPEC and also also also Russia to limit supply and also also also drive up prices.

Related: Oil prices enter bear market as supply gut fears return

Gas for less than $2 a gallon is usually becoming more common. The cheapest state right today is usually South Carolina, where gas is usually selling for an average of $1.96 a gallon, according to AAA. Several various other states, including Oklahoma, Alabama and also also also Mississippi, are poised to fall below the $2 a gallon average within days.

Those prices likely overstate what most drivers are actually paying. Every state inside the south — and also also also even a few inside the north — has some stations already selling gas for below $2 a gallon according to GasBuddy.com.

“If wholesale prices predict retail, and also also also I do believe they do, we’re poised for some very cheap gas ahead,” Kloza said.

sy88pgw (completely new York) First published June 21, 2017: 2:07 PM ET