Gas Price Decline Now on Longest Streak Ever
WASHINGTON, D.C. — The national average price of a regular gallon of gasoline declined for 88 straight days as of Monday, the longest such streak on record, AAA reported. This streak eclipsed 86 straight days of declines set in 2008 during the height of the Great Recession.
The national average price of a gallon of gas sunk to $2.39 on Monday, which represents a week-over-week decline of 15 cents per gallon, the largest such drop in 15 years. Motorists are paying 45 cents less per gallon than one month ago, and 85 cents less than one year ago.
According to AAA, Americans are saving more than $450 million per day compared to the highs reached earlier this year, which is leading to more holiday spending and travel. Nearly 99 million Americans are expected to travel 50 miles or more for the holiday season, which would also set a record.
The average price at the pump is currently discounted in every state and Washington, D.C. for the comparable week-, month- and year-ago periods.
Week over week, consumers in 46 states and Washington, D.C. are enjoying double-digit savings, with the largest savings at the pump occurring in Montana (down 27 cents), Michigan (25 cents) and Indiana (23 cents). Seven states are posting savings of 20 cents or more over this same period.
Even motorists in the Northeast, one of the nation’s most expensive regions, are benefiting from weekly savings of more than a nickel per gallon: Maryland (down 10 cents), New York (10 cents), Delaware (10 cents) and Vermont (9 cents).
A combination of abundant global supply and sluggish demand have led gas prices to plummet at the pump, according to AAA.