Big Break in Home Heating Costs

Temperatures plunge but there?s good news for heating your home.
1:53 | 11/04/13

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Transcript for Big Break in Home Heating Costs
Across america this morning, millions of people woke up to some of the coldest weather of the season. Look at the map. The northeast faced temperatures IN THE TEENS, 20s AND 30s. Vermont had a record low of 14 degrees, some temperatures 15 degrees below normal and will stay that way for a couple of days. Inside this early blast of cold is good news for american families, big savings on the way for heating up your home and filling up your car linzie janis now on how much we're going to save. Reporter: This week's cold blast has many americans reaching for their coats and their term stats. Tonight good news, heating oil prices are already 19 cents cheaper than this time last year. They're set to go even lower. We could see heating oil prices drop 5 to 15 cents a gallon between now and christmas. Reporter: Gasoline prices already low are heading down again. The national average could be $3.05 by christmas. Already drivers in 34 states are seeing pump prices at some gas stations below 3 bucks a gallon. One reason for the drop? Hurricanes have been nonexistent this year, unlike last year when super storm sandy led to fuel shortages. An even bigger factor? That american oil boom like in north dakota where production is up ten fold in just 8 years. The united states right now is brimming with oil. It's certainly helping motorists at the pump. Reporter: The average american family spends around 4, $500 a year on gasoline. Lower prices could mean a savings of around $200. Every little bit helps, diane. It sure does. Thank you. Next the start of a new week

This transcript has been automatically generated and may not be 100% accurate.

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