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It’s been over six years since the price of gas in Wilkes-Barre dipped below $2 per gallon, but as oil costs continue to tumble across the U.S., experts predict that drought will soon be broken.

At their lowest benchmark since 2009, crude oil prices have continued to sag due to record U.S. production, persisting global oversupply, and concerns about the health of the Chinese economy, according to Jim Lardear, AAA director of public and government affairs. On Monday, uncertainty over China’s economic outlook crippled U.S. stock markets.

Its ripples felt globally, Lardear said he expects the tilt to translate into savings for area motorists.

This week, prices at the pump in the Wilkes-Barre area fell to $2.50 per gallon, down from $2.54 a week ago and $2.70 at this time last month, according to data from AAA.

Expecting the downward trend to continue, and as demand for oil decreases in the fall months when motorists travel less, Lardear said consumers in the Wilkes-Barre area can expect gas prices to dip below the $2-per-gallon mark for the first since March 24, 2009.

“It’s like most families getting a raise at their jobs,” Lardear said.

Lardear said the biggest cost to what motorists pay at the pump, almost 65 percent, is the cost of crude oil.

“So naturally if you see the price of crude drop, you can anticipate the cost of gas,” he said.

Expectations that the global oil market will remain oversupplied in the coming weeks are keeping downward pressure on the price of crude oil, which ended Friday at $38.24 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC), the international organization that ensures the stability of oil prices within global markets, has not regulated the oversupply and sought to cut output, which Lardear said is what typically happens when supply runs high.

“It’s a supply and demand issue,” he said. “And we’re seeing a lot of supply.”

By Joe Dolinsky

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Reach Joe Dolinsky at 570-991-6110 or on Twitter @JoeDolinskyTL