The question many Billings motorists might be asking now is this: How far will gas prices fall?

Will they fall below $1 per gallon?

It's a fair question as Billings motorists saw average retail gasoline prices in Billings fall 5.6 cents per gallon in the past week, averaging $1.72 per gallon on Sunday, according to GasBuddy's daily survey of 81 gas outlets in Billings. This compares with the national average that has fallen 3.9 cents per gallon in the last week to $1.69 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Billings during the past week, prices on Sunday were 18.1 cents per gallon lower than the same day one year ago and are 18.9 cents per gallon lower than a month ago. The national average has decreased 23.0 cents per gallon during the last month and stands 55.5 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on February 15 in Billings have ranged widely over the last five years:

  • $1.90 per gallon in 2015,
  • $3.04 per gallon in 2014,
  • $3.08 per gallon in 2013,
  • $3.08 per gallon in 2012 and
  • $2.96 per gallon in 2011.

Areas nearby Billings and their current gas price climate:

  • Montana- $1.71 per gallon, down 6.8 cents per gallon from last week's $1.77 per gallon.
  • Idaho- $1.89 per gallon, down 4.1 cents per gallon from last week's $1.93 per gallon.
  • Wyoming- $1.66 per gallon, down 3.5 cents per gallon from last week's $1.70 per gallon.

“We are mid-February and 45 out of 50 states have a state gas average below $2 and the national average is at a multi-year low," Jeff Pelton, a GasBuddy.com senior petroleum analyst, said in a prepared statement. "Sadly, these incredibly low gas prices won’t be here forever, as refineries talk of production cuts with crude oil at 13-year low."