Gas prices - how low will they go?

How low will the price of gas drop this year?  Iowa City recorded a low of $1.99 the first part of January 2015 and while the cost of filling your car has gone up since then,  prices are trending down t he last week in November at $2.09 a gallon.  According to a Iowa City Press Citizen article on January 3, 2015, the under $2.00 price was the lowest since May 2009.  The Federal Energy Administration maintains a website of gas prices in the United States but not for Iowa specifically. The United State Department of Energy Fuel Economy also doesn't have Iowa information but provides links to a number of commercial sites that track the price of gas by week for cities in Iowa.  To track current prices I used the Iowa Gas Prices from gasbuddy.com.  AAA also provides a very useful information for the past year and the highest recorded fuel price.  However, it doesn't include Iowa City.

What causes fuel prices to vary so greatly?  There are a number of factors that determine the cost of gas.  They are the cost of crude oil, the refining costs and profits, the distribution and marketing costs and profits and taxes.  The cost of crude oil is the major factor in the cost of fuel.  The expansion of  oil production in North America is main reason the price is dropping. If you are looking for apps to help you find the lowest gas prices here are a few suggestions from CNN Money.

Can you recall the lowest price you paid for a gallon of gas?  It might make for interesting Thanksgiving conversation.