Gas below $2 per gallon? Not far away experts say

Good news about falling gas prices just keeps coming.

As most U.S. drivers prepare for the lowest Labor Day gas prices since 2004, experts announced that gas prices below $2.00 a gallon are not far off.

Gas prices in Cincinnati could fall below $2.00 per gallon by Halloween if the cost of crude oil remains low, according to gas experts.

"It's looking like a very good autumn at the pump," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

Thursday morning, the average price of gas per gallon in Cincinnati was $2.37 -- six cents below the U.S. average of $2.43.

The news of prices falling under $2 comes just a week after the officials announced that a large crude distillation unit in Whiting, Ind., downed for repairs more than two weeks ago is now operational.

Last weeks announcement, coupled with cheaper oil costs, a seasonal decline in driving and the switch to a less-costly winter blend of gasoline all add up to the perfect formula for lower prices.

"We could be looking at prices below $2 for most of the winter," DeHaan said on Thursday. "However, crude oil prices started surging again, so we need to keep an eye on that."

DeHaan says that nothing is final, but Cincinnati could be looking at prices in the $1.80-$1.90 range through the end of the year. Prices should see a definitive dive when stations switch over to a winter blend of fuel on Sept. 16, DeHaan said.

The lowest prices in Cincinnati on Thursday were already as low as $2.15 at the Costco on Kemper Road and the Marathon on Dixie Highway.