What happened to gas prices in 2014?

In 2014, gas prices experienced a significant decline, primarily due to a surplus in global oil supply and increased production from the U.S. shale oil boom. Prices fell from over $3.50 per gallon at the beginning of the year to around $2.00 by December. This sharp decrease was also influenced by OPEC's decision not to cut production levels, leading to a further drop in oil prices. The decline in gas prices had a notable impact on consumer spending and the overall economy.