In an official announcement today the International Energy Agency announced that they will be opening up much of the precious oil reserves for use by the public in the coming months. Thanks to this and other various economic factors the price of gasoline is expected to drop dramatically in many parts of the world.
Immediately after the announcement the cost of a barrel of oil dropped nearly $5 in a very short time period which made many analysts confident that gasoline will follow suit. Worldwide governments have been working to reduce oil and gas costs and it seems that many of the might have finally gotten what they needed to drive gas prices lower.
As always there is no guarantee that the price drop will be passed on to consumers but most analysts agree that consumers should see at least a noticeable decline in gas prices through the next few months. The exact amount of the decline is unpredictable but analysts say it could be anywhere from 10 cents to nearly a dollar in some cases.
This is great news for car owners everywhere as it will mean a much needed break from spending. Analysts hope that this additional spending money will encourage people to buy other things which will once again help boost the economic situation in many private markets though it is still unknown what type of effect this could have. Overall it is good news however because lower gas prices generally indicate economic recovery at last.