Record Gas Price Slide Surpasses 100 Days
WASHINGTON, D.C. — The decline in national average gasoline prices surpassed another milestone: the 100-day mark.
The average nationwide gasoline price dipped to $2.20 per gallon Monday, the 102nd consecutive day prices have fallen, reported AAA. The nationwide average is now the lowest seen since May 9, 2009, when the country was being affected by the Great Recession.
In total, the average price of gasoline has dropped $1.15 per gallon nationwide since the 102-day streak began Sept. 25. Americans saved an average of $115 on fuel purchases in 2014 vs. the prior year, according to AAA.
Drivers in 43 states are currently paying an average price of $2.50 or less at the pump, with seven states boasting average fuel prices below $2. Missouri currently offers the lowest average price at $1.86 per gallon, followed by Oklahoma ($1.89), Ohio ($1.90), Michigan ($1.90), Indiana ($1.92) and Texas ($1.98).
On the other end of the spectrum, Hawaii is the only state still averaging more than $3 per gallon at the pump ($3.48). Alaska, New York, Vermont and California have the second through fifth most expensive average gas prices, respectively.
According to AAA, fuel prices are expected to remain low for the foreseeable future, with the nationwide average expected to stay below $3 per gallon throughout 2015.
However, AAA cautioned that prices could easily see seasonal increases in the spring as refineries undergo maintenance, and during the summer months when fuel demand increases for the summer driving season.
The price of crude oil declining by 50 percent since mid-2014 due to excess supply and weak demand is the primary reason for the dramatic decline in fuel prices, noted AAA.