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What's causing the drop? One reason is a continued boom in U.S. drilling production -- the highest since the 1980s -- namely, due to shale oil.

\"High oil prices brought more exploration and new drilling techniques, and it's now starting to pay off,\" DeHaan said. Penny-pinching Americans have almost forgotten July 2008, when crude oil prices peaked around $147.50 a barrel.

Second, the Organization of the Petroleum Exporting Countries (OPEC), an intergovernmental cartel of 12 nations, may be more concerned about competition from the U.S. The group is trying to undercut prices to keep their crown as the world's largest oil producer, DeHaan said.

Another reason for low prices is European economic jitters, particularly a report out Monday forecasting weak growth in Germany.

\"A potential slowdown means lower oil consumption. And if the most powerful economy in Europe falters, it's likely more could as well. Oil prices and demand are always lower in recession,\" DeHaan said.

@DanSpindle here’s her pic. NJ always had cheap gas when I lived in NY. I drove there to get gas all the time. pic.twitter.com/LMU67wsVPn

— Heath Poulter (@heathpoulter) October 28, 2014
\"PHOTO:
Justin Sullivan/Getty Images
PHOTO: Gas prices are displayed at an Arco gas station on Oct. 27, 2014 in Mill Valley, Calif.
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