Happy dances have been spontaneously breaking out at gas stations all over the country ever since fuel prices started precipitously dropping six months ago. The joy doesn’t seem to be ebbing; recent reports indicate prices will continue to dive into the winter thanks to a glut of crude.
We could just be happy about the cheap gas—which, nationally has dropped from an average of $3.26/gallon a year ago to $2.67/gallon now (L.A.’s current average is $2.99, but we spotted local gas going for $2.65)—but we also want to understand what’s behind the drop, and if it will ever bottom out. Luckily, our friends at Vox have put together this useful two-minute video that summarizes the intense changes we’re experiencing now. Check it out below: